Revolut has secured a full Australian banking licence, the first global fintech to be granted an unrestricted Authorised Deposit-taking Institution (ADI) licence by the Australian Prudential Regulation Authority (APRA). It launches today as Revolut Bank Australia, its first banking entity in APAC.
The licence comes with a commitment to invest nearly AUD$400 million in the local market over five years, across product, growth and headcount. Australia joins Revolut’s licensed banking footprint alongside the UK, EEA and Mexico.
Over 1 million existing Australian retail customers and thousands of businesses move into a regulated banking ecosystem from day one. For existing customers the switch is automatic and requires no action. New sign-ups from today go straight to Revolut Bank Australia.
As customers of an APRA-authorised institution, users gain Australia’s banking protections, including the Financial Claims Scheme, which covers eligible deposits up to AUD$250,000 per account holder.
Nik Storonsky, Founder and CEO of Revolut, commented: “Launching our Australian bank has been a long-term strategic priority and marks another significant step in our mission to build the world’s first truly global bank. Securing this licence in a market as highly regulated and competitive as Australia is a testament to our business model and our teams.”
Matt Baxby, CEO at Revolut Bank Australia, commented: “Becoming a bank in Australia marks a defining moment in our journey, achieved through a relentless focus on delivering a better financial experience for Australians. It’s the launchpad for our next chapter, enabling us to expand into a broader suite of products, including savings and credit, to sit alongside the innovative services our customers already rely on every day. Our mission remains simple: to build the most seamless, secure, and customer-first banking experience for Australian consumers and businesses.”
Revolut serves more than 75 million customers worldwide and now operates as a licensed bank across the UK, Mexico, the EEA and Australia, spanning more than 40 markets. It recently launched Revolut Bank in Mexico, its first licensed entity outside Europe, already serving over 500,000 retail customers. A US bank charter application, new UAE licences and a Peru authorisation are all in motion.
The Herald View: A retail base of a million already sitting inside the app is what makes an ADI licence worth AUD$400 million. Revolut is not buying access to Australia. It is converting users it already has into deposits it can lend against.