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Revolut starts a new bank in Australia after winning APRA licence
Revolut has been granted an Australian banking licence in a coup for the fast-growing, London-headquartered payments business as it lures customers from major banks after creating a financial services super app.
The company opened Revolut Bank Australia after securing an unrestricted licence from the Australian Prudential Regulation Authority five years after applying. It was awarded a similar licence in the United Kingdom in March.
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New bank launches in Australia to take on Big Four as popular app gets 'defining moment'
Australian regulators have granted a banking licence to a global fintech giant paving the way for a new entrant in the local banking scene. It's already got plenty of users, but Revolut can now take deposits from Aussie customers and will begin offering accounts with savings interest above 5 per cent, calculated and paid daily.
The popular UK-based budgeting and personal finance app officially launched in Australia nearly six years ago. Founded in 2015, the company touts itself as a "financial superapp" and "one app for all things money", and offers highly competitive money transfer and currency exchange services, as well as budgeting services.
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