Revolut wins full Australian banking licence and launches local bank
The Australian Prudential Regulation Authority has granted Revolut Payments Australia a licence to operate as an authorised deposit-taking institution under the Banking Act 1959, the regulator said in an announcement on July 21. Revolut said the same day that it is launching Revolut Bank Australia, its first licensed banking entity in the Asia-Pacific region, according to a company release.
APRA also licensed Revolut Australia NOHC Pty Ltd as a non-operating holding company under the act. Revolut, which serves more than 75 million customers worldwide, described itself as the first global fintech to receive a full deposit-taking licence in Australia.
“Launching our Australian bank has been a long-term strategic priority,” founder and chief executive Nik Storonsky said in the company’s announcement.
Since entering Australia about six years ago, Revolut has operated under an Australian financial services licence and a credit licence, offering foreign exchange, a multi-currency card and trading. The banking licence allows the company to take deposits and offer savings and credit products, with eligible balances protected up to 250,000 Australian dollars per account holder under the country’s Financial Claims Scheme. Existing Australian customers will be moved to the new bank automatically, while new customers will be onboarded directly to Revolut Bank Australia, the company said.
Australia is the first country in the Asia-Pacific region where Revolut operates under a banking licence, joining its licensed banking operations in the United Kingdom, Europe and Mexico.
