Truly Global Revolut Secures Full Australian Banking Licence

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

The approval makes it the first global fintech to obtain a full unrestricted ADI licence in the country, marking its first licensed banking entity in the APAC region.

The regulatory milestone will see Revolut invest nearly AU$400m (US$280.6m) into the Australian market over the next five years. 

The capital injection will support local product innovation, growth and headcount expansion.

With existing operations across more than 40 markets, Revolut currently serves over 45 million retail customers globally. 

The move allows the firm to transition its existing Australian user base – comprising over 1 million retail customers and thousands of businesses – directly into a fully regulated banking ecosystem.

Nik Storonsky, Founder and CEO of Revolut, comments: “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

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.

Matt Baxby, CEO at Revolut Bank Australia, notes: “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.”

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 AUD$250,000 per account holder.

Global expansion strategy

Australia joins the UK, the EEA and Mexico in Revolut’s portfolio of fully licensed banking jurisdictions. The Australian launch follows the recent establishment of Revolut Bank in Mexico – its first banking entity outside Europe – which now serves more than 500,000 retail users.

The business is pursuing further international regulatory approvals, with an active bank charter application in the US, new licences in the UAE, and an Organisation Authorisation in Peru.

The news comes not long after the announcement of its Eastern Europe expansion. Appointing ex-Chase UK CEO Kuba Fast as the new CEO of its Europe UAB.

The fintech gained approval from the European Central Bank and the Bank of Lithuania before expanding operations.

Adopting a dual-hub style, the European HQs are based in Lithuania and a newly created French hub.