Laurent Mosar has gone viral. The business champion’s LinkedIn post about Revolut’s €1.1 billion investment in France was read by 60,000 people in just two weeks. The gist of the post: “that could have been us”.
“It’s really a topic that interests the whole business community,” Mosar says in his office in Place Guillaume.
After Britain’s withdrawal from the European Union, the British neobank showed a strong interest in establishing its European operations in Luxembourg. But by December 2018, it was clear Luxembourg was no longer in the running. The Bank of Lithuania granted Revolut a specialised licence, which was later upgraded to a full European banking licence in 2021.
Did Luxembourg miss a trick? Mosar says: “It’s not clear Revolut ever issued a formal request. If that is the case, why?”
Was this because discussions with financial watchdog the CSSF weren’t fruitful—or simply because Lithuania made a better offer? Mosar is doggedly pursuing the matter with Luxembourg finance minister Gilles Roth, not to apportion blame, but to ensure that Luxembourg’s conservative banking system keeps pace with changing expectations.
Thanks to EU passporting, allowing banks to offer services in countries in the EU bloc, Revolut counts around 75,000 customers in Luxembourg, among them Mosar’s sons.
“They like that Revolut’s accounts are not complicated and they don’t have to fill out lots of forms,” the politician says.
At the same time, neobanks like Revolut offer banking services to customers with smaller capital—both individuals and SMEs. Some of these clients likely resulted from ING Bank’s closure of 30,000 accounts deemed inactive or costly to maintain.
Startups—whose struggles to open accounts in Luxembourg are well documented—are also part of this customer base.
“I have the feeling that traditional (retail) banks are no longer playing a role in the local economy,” Mosar says, adding that the drive for profit is overtaking this responsibility.
The winners in the story
Perhaps Luxembourg will never host a neobank—and perhaps it doesn’t have to. In October 2021, Spuerkeess integrated Revolut accounts on its S-Net platform, allowing customers to manage them alongside traditional bank accounts.
Nevertheless, while Luxembourg drags its heels, increasing numbers of neobanks are following in Revolut’s strategic steps and capturing customers in the Grand Duchy. These include Germany’s N26, and Netherlands-based Wise and Bunq. Even trading platforms, such as France’s Trade Republic, are taking up the baton.
The Luxembourg finance minister is expected to respond to Mosar’s question in the coming weeks. If it emerges that Revolut turned its back on Luxembourg due to CSSF resistance—particularly in relation to anti-money laundering (AML) concerns—the regulator risks looking out of touch. Yes, Revolut faced a hefty €3.5 fine from the Lithuanian regulator in April 2025. But traditional banks are also not immune from this risk. A prime example is the €25m fine that the CSSF slapped on Banque de Rothschild for AML failings.
Defending the regulators
Luxembourg House of Financial Technology (LHoFT) CEO Nasir Zubairi cautions against scapegoating the CSSF. “I do believe that regulation can be delivered with more speed and clarity, but we should not lower the standards that have helped us build our global reputation in sacrifice,” he says. Hindsight may reveal a missed opportunity, but Zubairi notes that Luxembourg has also scored major fintech wins—attracting players like PayPal, Amazon Payments, eBay Payments, Satispay, Bitflyer and Bitstamp.
He says: “Quite frankly, when compared to other major centres and considering Luxembourg’s size and resources, we do quite well, and all are working hard to further enhance the environment.”
What is clear is that as Revolut expands into France—where it is expected to apply for a French banking licence and create over 200 jobs—some in Luxembourg will watch its progress with thinly veiled envy.
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