London-based fintech Revolut has been granted approval to launch as a fully licensed bank in Australia in the latest expansion of the fintech’s global banking offering.
The company has secured a full Authorised Deposit-taking Institution (ADI) licence by the Australian Prudential Regulation Authority (APRA).
The regulatory approval makes Revolut the first global fintech to obtain an unrestricted ADI licence in Australia. Operating locally as Revolut Bank Australia, the launch marks the firm’s first fully licensed banking entity in the Asia-Pacific region.
As part of the expansion, Revolut has committed to invest almost AUD $400m into the local market over the next five years, which will include product innovation, growth and employer footprint.
The banking charter allows the platform to expand beyond its existing payments and foreign exchange offering into consumer credit and interest-bearing savings products.
“Launching our Australian bank has been a long-term strategic priority and marks another significant step in our mission to build the world’s first truly global bank,” said chief executive Nikolay Storonsky.
“Securing this licence in a market as highly regulated and competitive as Australia is a testament to our business model and our teams.”
Australia becomes the fourth major territory where Revolut holds a full banking licence, joining the UK, the European Economic Area, and Mexico.
The operation will be run by Matt Baxby, the chief executive of Revolut Bank Australia.
“Becoming a bank in Australia marks a defining moment in our journey, achieved through a relentless focus on delivering a better financial experience for Australians,” Baxby said.
“It’s the launchpad for our next chapter, enabling us to expand into a broader suite of products, including savings and credit, to sit alongside the innovative services our customers already rely on every day.”
