REVOLUT SECURES FULL AUSTRALIAN BANKING LICENCE

Global fintech Revolut has secured a banking licence from the Australian Prudential Regulation Authority( APRA). It marks the first global fintech to receive a full, unrestricted Authorised Deposittaking Institution( ADI) licence in Australia, marking its first licensed banking entity in the APAC region.

Over the next five years, Revolut plans to invest nearly AU $ 400m( US $ 280.6m) into Australia to support headcount expansion, growth, and local product innovation. The licence allows Revolut Bank Australia to offer new financial products, including interest-bearing savings accounts and credit facilities.

Revolut’ s existing local user base – comprising over 1 million retail customers and thousands of businesses – will automatically transition into the regulated banking entity. Eligible deposits will be protected up to AU $ 250,000( US $ 174,828) under Australia’ s Financial Claims Scheme. The announcement was made just weeks before the fintech gained regulatory approval in France.