Revolut becomes Australia’s newest bank after securing deposit licence
Revolut has moved quickly, launching business accounts with variable interest rates up to 4.25% and integrations with its existing features.
Revolut, the financial platform known for its travel money cards and currency exchange platform, has become Australia’s newest bank after securing an authorised deposit-taking institution (ADI) licence.
The designation means the UK-based fintech can now offer government-backed deposit accounts and lending products, helping it battle against Australia’s Big Four banks.
The Australian Prudential Regulatory Authority (APRA) on Tuesday granted Revolut Payments Australia Pty Ltd’s ADI licence, clearing the way for a suite of new financial offerings.
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