FinTech: Revolut Looking To Snag An Australian Banking Licence

May 18, 2023 | FinTech, Latest News, News

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

Free Industry News

Subscribe to our free newsletter for updates and news about alternatives investments.

  • This field is for validation purposes and should be left unchanged.


Latest Alternative Investment News
FinTech: Adyen Launches ‘Payout Services’ For Faster Payouts To The Gig And SMB Economies
June 2, 2023     FinTech, News

Adyen, a global financial technology platform, has launched Payout Services, allowing its customers to make instant payouts to their users or partners. By connecting directly to real-time payment rails, Adyen’s…
Digital Assets: Oracle Red Bull Racing Seeks To Digitize Engagement With Fans On The Sui Blockchain

Oracle Red Bull Racing has announced a multi-year partnership with software company Mysten Labs to collaborate on Sui, which will serve as the team’s Official Blockchain partner. Sui, a Layer…
Venture Capital: Bold, L’Oréal’s Venture Capital Fund, Buys A Stake In Exotic Cosmetic Ingredient Maker Debut
June 2, 2023     News, Venture Capital

L’Oréal’s (EPA: OR) corporate venture capital fund, BOLD, has announced a minority investment in Debut, a US biotech company specializing in the discovery, formulation, and manufacture of novel ingredients and…
Artificial Intelligence: In Flight Simulation, An AI Drone Tries To Kill Its Own Handler
June 2, 2023     Artificial Intelligence, News

During a simulated test at a London summit, an AI-controlled drone turned against its human operator, raising significant ethical concerns. Air Force Colonel Tucker “Cinco” Hamilton shared the incident, which…