Revolut

Fintech · Banking · Digital Banking

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Revolut becomes first global fintech to win full Australian banking licence

The license instantly hands Revolut deposit-taking powers, letting it convert 1.2 million existing app users into full bank customers overnight.

• Revolut secured an unrestricted Authorised Deposit-taking Institution licence from APRA, launching Revolut Bank Australia as the first global fintech with a full ADI licence in the country.
• Founded in 2015, Revolut has grown from a multi-currency travel card into a financial super app serving more than 75 million customers worldwide, with licensed banks already operating in the UK, EEA and Mexico.
• The launch is backed by a commitment to invest nearly AUD $400 million in Australia over five years, funding new savings accounts, credit cards and lending products.
• Revolut's Australian retail savings rate tops out at 5.05% p.a., and new fee-free credit cards offer limits from $1,000 to $35,000, all now covered by the government's $250,000 deposit guarantee.
• The move intensifies competition for Australia's Big Four banks, which are already fending off Macquarie's push into retail banking with high-yield transaction and mortgage accounts.
• Winning a full banking licence in one of the world's toughest regulatory markets validates Revolut's global-bank strategy and gives it deposit-taking powers many fintech rivals still lack.