FinTech: Done With Beta, Revolut Preps For Australian Launch

August 13, 2020 | FinTech, News
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The European unicorn and challenger bank eyes a mega-push Down Under.

Revolut, the UK-based neobank led by Nikolay Storonsky, on Tuesday called an end to its beta mode operations in Australia. Country CEO Matt Baxby said the fintech was now readying for a launch of a “super app” in the country.

“Revolut is building towards a financial SuperApp that enables Australians to truly take control of their finances in one place. There are so many existing financial products that are either too complicated or inaccessible for Australians and we want to break that down and put the power back into our customers’ hands,” Baxby said. (mozo)

Managing Australians’ financial lives

About 30,000 Australians are already in the queue on Revolut’s platform. They will get access to a physical Revolut card to meet expenses and various app-based financial services using a mobile phone.

“Most Aussies, and indeed most young Australians, manage the lion’s share of their life through their mobile phones now, and we believe it should be no different for managing their finances – whether it’s something as simple as budgeting and splitting bills, or something more complex such as purchasing cryptocurrencies or commodities,” Baxby says.

Some of the cutting-edge facilities on offer are:

  • Pay with Apple Pay or Google Pay
  • Budgeting
  • Remit money abroad at the interbank rate
  • Virtual cards payments available
  • Spend analysis and expense notifications
  • The ability to hold up to 27 different currencies in their account

Full banking license on the cards

Revolut now holds an Australian Financial Services Licence, though it still cannot offer savings and bank accounts like a full-fledged bank.

But the day may not be far away when it will have its banking license.

“Our view of the market is that competition is obviously concentrated with a few major banks and as a result, consumer choice hasn’t been particularly widespread,” says Baxby. “But there’s potential for our customers needs to be better met by Revolut offering credit and deposit products in the future.”

New features

Speaking to Business Insider, Baxby said Revolut intended to launch a lot of new features between now and the end of the year.

“Being part of a global unicorn means a lot of those are already built; and part of our job as the local team on the ground is to localize them for the Australian market.”

Australians can look forward to holding and trading gold and silver, along with shares and cryptocurrencies, and automatic donations.

Related Story: Revolut Reports Robust Revenue Growth Even As Losses Triple

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