Revolut, a UK-based fintech company, has launched its services in Australia and is seeking a banking license to expand its offerings in the country. The company, which offers a range of financial services including currency exchange, budgeting tools, and cryptocurrency trading, has already amassed over 30,000 users in Australia during its beta testing phase.
Revolut’s Offerings in Australia
Revolut’s launch in Australia includes a range of features tailored to the local market, such as the ability to hold and exchange 15 different currencies, including AUD, and the ability to spend abroad with no hidden fees. The company also offers a range of budgeting tools, including the ability to set spending limits and receive real-time notifications when those limits are reached.
Seeking a Banking License
Revolut is also seeking a banking license from the Australian Prudential Regulation Authority (APRA), which would allow the company to offer additional services such as loans and mortgages. The company has already secured a banking license in Lithuania and is in the process of obtaining one in the UK.
Revolut’s expansion into Australia is part of the company’s broader plans to become a global financial super app. The company currently has over 15 million customers worldwide and has raised over $900 million in funding to date. Revolut plans to launch in the US later this year and is also eyeing expansion into Asia.
Revolut’s launch in Australia and its plans to obtain a banking license demonstrate the company’s commitment to expanding its offerings and becoming a major player in the global financial services industry. With its range of innovative features and growing user base, Revolut is poised to disrupt traditional banking models and revolutionize the way people manage their finances.