The Australian Prudential Regulation Authority (APRA) has granted the company an independent Authorized Deposit-taking Institution (ADI) license – Revolut officially begins operating as a licensed Australian bank and opens its first banking entity in the Asia-Pacific region. Revolut became the first global fintech company to receive this license in Australia.
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Revolut has committed to investing nearly AUD 400 million in the local market over the next five years – promoting product innovation, business expansion, and workforce growth. Australia becomes another country where Revolut will hold a banking license, alongside the UK, the European Economic Area (EEA), and Mexico.
By obtaining an independent banking license in one of the most regulated and competitive financial markets in the world, Revolut strengthens its position as an innovator among global fintech companies. This step allows Revolut to transfer its existing more than 1 million private Australian customers and thousands of businesses to the new bank from the first day of the license.
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“Opening a bank in Australia was a long-term strategic priority. It marks another important step in our mission to create the first global bank. Receiving a license in such a strictly regulated and highly competitive market as Australia is proof of our business model and the successful performance of our teams,” said Nik Storonsky, founder and CEO of Revolut.
“Becoming a bank in Australia is a historic moment that we have achieved through focused efforts to provide better financial services to Australian customers. It is the foundation for our next step, expanding deposits and loans alongside the innovative services our customers already use every day. Our mission remains simple: to create the smoothest, safest, and most customer-focused banking experience for Australian consumers and businesses,” said Matt Baxby, CEO of Revolut Bank Australia.
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