Overview
- Australia’s prudential regulator granted Revolut Bank Australia a full, unrestricted ADI licence, making it the first global fintech to secure this authorisation in the country.
- The licence allows Revolut to take customer deposits and offer retail products such as savings accounts, credit cards and loans with balances covered up to AU$250,000 by the Financial Claims Scheme.
- Revolut plans to invest almost AU$400 million over five years to migrate about 1.2 million Australian customers to the regulated bank and to build out hiring and product development.
- The company is launching competitive pricing, including a 3% introductory savings rate for new customers, as it positions itself to challenge Australia’s Big Four and larger local banks.
- The move extends Revolut’s global push after recent bank licences in the U.K., EEA and Mexico and could intensify competition for deposits, rates and salary-account trust in Australia.