Revolut Continues Global Expansion With Australian Banking License
What's happening
Revolut has been granted a full Authorised Deposit-taking Institution (ADI) licence by the Australian Prudential Regulation Authority (APRA), allowing it to operate as a licensed bank in Australia and marking its first banking entity in the APAC region. The approval makes Revolut the first global fintech to hold an unrestricted ADI licence in Australia and enables the launch of Revolut Bank Australia, expanding the UK-based platform that serves over 75 million customers. The move follows Revolut's wider push into new markets, including recent in-principle approval for a Virtual Assets Service Provider licence in the UAE.
Why it's trending
Regulators are opening doors to global fintechs now, and Revolut is converting previous market-entry moves into full banking status in APAC.
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Revolut just became a full bank in Australia, here is what that actually means for customers and competitors today: they have an unrestricted ADI licence from APRA, can take deposits locally through Revolut Bank Australia, and are now the first global fintech to hold this licence in the country, joining a platform that already serves over 75 million users.
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Original sources5
- Revolut expands into APAC with Australian bank licence
Revolut, the global financial services platform serving over 75 million customers, has been awarded a full Authorised Deposit-taking Institution (ADI) licence in Australia, becoming the first international FinTech to hold an unrestricted licence of this kind. The approval, granted by the Australian Prudential Regulation Authority (APRA), sees the company launch Revolut Bank Australia with immediat
FinTech GlobalJul 22 - Revolut Continues Global Expansion With Australian Banking License
Revolut has received a banking license from Australia’s financial regulator. The license from the Australian Prudential Regulation Authority (APRA), announced Tuesday (July 21), marks the U.K. FinTech’s official entry into the Asia-Pacific banking space. It also makes Revolut the first global FinTech granted a full Australian deposit-taking institution (ADI) license from APRA, the company said in
PYMNTSJul 21 - Revolut opens door for challenger banks in Australia
Revolut obtaining a banking licence in Australia brings firsts for the fintech and the country’s regulatory landscape. The Australian Prudential Regulation Authority (APRA) has granted Revolut an unrestricted Authorised Deposit-taking Institution (ADI) licence, making it the first global fintech to operate as a full bank in the country. Matt Baxby, CEO at Revolut Bank Australia, [̷
Payment ExpertJul 21
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