Revolut announces an Australian bank launch

Revolut announced on 21 July that it had received an independent Authorised Deposit-taking Institution licence from the Australian Prudential Regulation Authority and was launching Revolut Bank Australia. The company described Australia as its first banking entity in the Asia-Pacific region. It said licensed banking products would begin rolling out immediately, expanding the services it could offer its Australian customers. Revolut Australia announcement.

Revolut said existing local users would move through an automated transition, while new Australian customers would join the bank directly. The announcement states that eligible deposits benefit from Australia’s Financial Claims Scheme once transferred, subject to its statutory conditions. Revolut also committed nearly A$400 million to the market over five years for products, growth and its workforce. That figure describes a planned investment rather than money already spent. The launch gives the company a local banking base for future savings and credit products, but the release does not present a complete launch catalogue or promise that every proposed service is available immediately. Revolut Australia announcement.