Revolut has secured an independent Authorised Deposit-taking Institution (ADI) license from the Australian Prudential Regulation Authority (APRA), allowing the UK-based fintech to operate as a licensed bank in Australia.
Revolut said it plans to invest nearly A$400 million in Australia over the next five years.
The company will transition its existing base of more than one million Australian retail customers and thousands of business customers into its regulated banking entity.
Australia’s Financial Claims Scheme protects eligible deposits of up to A$250,000 per account holder.
The license establishes Revolut’s first banking entity in the Asia-Pacific region.
The company, which says it serves more than 75 million customers globally, said the milestone also makes it the first global fintech to secure a full unrestricted ADI license in Australia.
“Becoming a bank in Australia marks a defining moment in our journey,”
said Matt Baxby, CEO of Revolut Bank Australia.
“It is the launchpad for our next chapter, enabling us to expand into a broader suite of products, including savings and credit.”
Australia joins the UK, Mexico and the European Economic Area as markets where Revolut operates as a licensed bank.
The company is also pursuing a US bank charter and recently secured regulatory approvals in the UAE and Peru.
Featured image credit: Edited by Fintech News Australia, based on image by we3yanie via Magnific
