FinTech: Revolut Looking To Snag An Australian Banking Licence
Revolut is enjoying good demand from Australian businesses for international payment services.
London-based fintech firm Revolut has launched its business offering in Australia, expanding its international payments-focused business accounts to clients in the country. The company, which is known for its crypto-friendly approach, is currently working towards obtaining a banking license in Australia. It already serves clients in Europe and Australia, providing a range of fiat payment services as well as crypto services such as buying and selling cryptocurrencies like Bitcoin, Ether, and Ripple. With approximately 100,000 business customers across Europe, the fintech aims to provide a comprehensive platform where individuals can manage their entire financial lives in one place, making a banking license essential. (Forbes)
Revolut’s multi-currency business accounts come with both physical and digital cards, offering real-time spending reports and allowing multiple users to manage the accounts. In a recent update, the company increased transaction limits for these accounts to 75,000 AUD ($49,950) per month. The company has seen significant demand from Australian small and medium-sized enterprises (SMEs) seeking international payment solutions. This is especially relevant for businesses with operations in Europe and Australia, as Revolut serves as a bridge between these regions.
In addition to its business offering, Revolut already provides personal accounts in Australia, enabling access to traditional financial services, international transfers, and now expanding into crypto, stock, and commodity investing. The company’s expansion in Australia reflects its commitment to offering comprehensive financial solutions to customers globally while navigating the regulatory landscape to obtain a banking license.
Related Story: Revolut Launches In Brazil, Offers Crypto
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