Global fintech Revolut has officially entered the Australian banking market after the Australian Prudential Regulation Authority (APRA) granted it an authorised deposit-taking institution (ADI) licence, clearing the way for the launch of Revolut Bank Australia.
APRA confirmed it had granted the licence to Revolut Payments Australia under the Banking Act 1959, while also licensing Revolut Australia NOHC as a non-operating holding company.
The licence allows Revolut to offer government-guaranteed deposit accounts under the Financial Claims Scheme for the first time, alongside a broader suite of lending products.
From launch day, both retail and business customers can access instant-access savings accounts with no minimum deposit requirements, daily-paid interest, and rates that scale with a customer's plan tier — topping out at 5.05% p.a. for retail customers on the highest tier and 4.25% p.a. for business customers.
That puts Revolut roughly in line with the broader market: with the RBA cash rate at 4.35%, top no-conditions savings rates currently sit around 5.05% p.a., with some bonus accounts reaching as high as 5.90% p.a.
Retail customers can also apply for a fee-free credit card with credit limits ranging from $1,000 to $35,000. Worth noting for brokers: Revolut's lending model excludes broker distribution — like its existing personal loans, credit card applications run only through its own app or website.
Revolut founder and chief executive Nik Storonsky said the milestone reflected years of work entering a tightly regulated market.
"Securing this licence in a market as highly regulated and competitive as Australia is a testament to our business model and our team," Storonsky said.
The bank's launch builds on a large existing footprint — Revolut counts more than a million Australian retail and business customers, who will be automatically migrated to the newly licensed entity without needing to take any action.
Revolut Bank Australia chief executive Matt Baxby (pictured) said the licence unlocks a wider product set going forward.
"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," Baxby said.
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