Revolut Presence Grows with Full Australian Banking Licence

Global fintech Revolut has been granted an independent Authorised Deposit-taking Institution (ADI) licence by the Australian Prudential Regulation Authority (APRA).

The approval makes Revolut as the first global fintech to secure a full, unrestricted ADI licence in Australia and is its inaugural licensed banking operation across the APAC region.

The regulatory milestone will see Revolut invest close to AU$400m (US$280.6m) into Australia over the next five years.

This funding will be directed towards enhancing local product development, scaling operations and expanding its workforce.

Operating in more than 40 markets worldwide, Revolut now serves upwards of 45 million retail customers.

​​​​​​​Nik Storonsky, Founder and CEO of Revolut, says: “Launching our Australian bank has been a long-term strategic priority and marks another significant step in our mission to build the world's first truly global bank. 

“Securing this licence in a market as highly regulated and competitive as Australia is a testament to our business model and our teams.”

Expanding product offerings

With the unrestricted licence in place, Revolut Bank Australia can extend its services to include interest-bearing savings accounts and credit products alongside its existing core offering.

Matt Baxby, CEO at Revolut Bank Australia, says: “Becoming a bank in Australia marks a defining moment in our journey, achieved through a relentless focus on delivering a better financial experience for Australians. 

“It’s the launchpad for our next chapter, enabling us to expand into a broader suite of products, including savings and credit, to sit alongside the innovative services our customers already rely on every day. 

“Our mission remains simple: to build the most seamless, secure, and customer-first banking experience for Australian consumers and businesses.”

Existing retail and business customers in Australia will be automatically migrated to the licensed entity, with no action required. New users will be onboarded directly into Revolut Bank Australia.

Deposits held within the bank will be covered by Australia’s regulatory safeguards, including the Financial Claims Scheme, which protects eligible deposits up to AUD$250,000 per account holder.

The unrestricted licence enables Revolut Bank Australia to broaden its financial services, adding interest-bearing savings products and credit facilities to its current core platform.

The migration of existing Australian retail and business accounts to the licensed entity will occur automatically without requiring user intervention. New local users will be onboarded directly into Revolut Bank Australia.

Deposits held with the entity will fall under Australia’s regulatory protection framework, including the Financial Claims Scheme, which guarantees eligible deposits up to AU$250,000 (~US$175,000) per account holder.

Global expansion strategy

Australia now joins the UK, the EEA and Mexico as part of Revolut’s network of fully licensed banking markets.

The move follows the launch of Revolut Bank in Mexico – its first banking entity outside Europe – which already serves more than 500,000 retail customers.

Revolut continues to pursue additional regulatory approvals globally, including an active bank charter application in the US, new licences in the UAE and an Organisation Authorisation in Peru.

The development follows its recent Eastern Europe expansion, including the appointment of ex-Chase UK CEO Kuba Fast to lead its European banking operations.

The fintech previously secured approvals from the European Central Bank and the Bank of Lithuania before scaling its regional presence.

Its European strategy now operates on a dual-hub model, with headquarters in Lithuania complemented by a newly established base in France.

cheme, which protects eligible deposits up to AU$250,000 (~US$175,000) per account holder.

Global expansion strategy

Australia now joins the UK, the EEA and Mexico as part of Revolut’s network of fully licensed banking markets. 

The move follows the launch of Revolut Bank in Mexico – its first banking entity outside Europe – which already serves more than 500,000 retail customers.

Revolut continues to pursue additional regulatory approvals globally, including an active bank charter application in the US, new licences in the UAE and an Organisation Authorisation in Peru.

The development follows its recent Eastern Europe expansion, including the appointment of ex-Chase UK CEO Kuba Fast to lead its European banking operations.

The fintech previously secured approvals from the European Central Bank and the Bank of Lithuania before scaling its regional presence.

Its European strategy now operates on a dual-hub model, with headquarters in Lithuania complemented by a newly established base in France.