Revolut launches as licensed Australian bank after APRA approval

Revolut has received an autarkic authorised deposit-taking instauration (ADI) licence from the Australian Prudential Regulation Authority (APRA).

The support marks the neobank's authoritative debut arsenic a licensed slope successful Australia.

It is besides Revolut's archetypal banking entity successful the APAC region.

In a statement, the fintech said the licence makes it the archetypal planetary fintech to get a afloat unrestricted ADI licence.

It said the regulatory improvement is supported by a pledge to put astir A$400m ($280.1m) successful Australia implicit the adjacent 5 years.

The concern is acceptable to screen merchandise innovation, maturation and its leader footprint.

The institution said Revolut Bank Australia is positioned to "bridge the gap" betwixt secure, regulated section banking and borderless planetary finance.

With the licence successful place, the institution volition displacement its existing basal of much than 1 cardinal Australian retail customers, on with thousands of businesses, into a afloat regulated banking ecosystem.

From 21 July, Revolut Bank Australia has started rolling retired its licensed banking products to customers successful Australia.

Revolut said existent customers volition beryllium moved crossed done an automated process that requires nary idiosyncratic action.

New customers signing up successful Australia volition beryllium onboarded straight to Revolut Bank Australia.

As customers of an APRA-authorised deposit-taking institution, users volition autumn nether Australia's banking regulatory framework.

That includes the Financial Claims Scheme, which covers eligible deposits up to A$250,000 per relationship holder.

Revolut laminitis and CEO Nik Storonsky said: "Launching our Australian slope has been a semipermanent strategical precedence and marks different important measurement successful our ngo to physique the world's archetypal genuinely planetary bank."

Revolut Bank Australia CEO Matt Baxby described the licence arsenic a "defining moment".

"It's the launchpad for our adjacent chapter, enabling america to grow into a broader suite of products, including savings and credit, to beryllium alongside the innovative services our customers already trust connected each day," Baxby added.

In January, Revolut began afloat banking operations successful Mexico pursuing the completion of its beta investigating phase, representing its archetypal slope extracurricular European borders.

It is besides pursuing a banking a French banking licence and successful April selected Paris arsenic the tract of its occidental European headquarters.

This followed its March receipt of a afloat banking licence successful the UK.

The aforesaid month, it applied to the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation for a nationalist slope charter successful the US.