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, said that the licence will allow it to expand into a wider suite of products, such as savings and credit, which will be available in addition to its current offerings.
Revolut Bank Australia will start distributing its licensed banking products to customers in Australia today (21 July), and the bank says the transition for existing customers will require no action from users.
In a press release, Baxby described obtaining the licence as a defining moment achieved through a “relentless focus on delivering a better financial experience.”
The bank will now compete against the likes of the Commonwealth Bank of Australia, Australia and New Zealand Banking Group, National Australia Bank, and Westpac Banking Corporation.
Revolut has shown that it can take on established financial institutions in other parts of the world, surpassing big names such as Barclays by currently serving over 75 million customers worldwide.
Commenting on the strategy, Baxby said: “Our mission remains simple: to build the most seamless, secure, and customer-first banking experience for Australian consumers and businesses.”
Revolut’s global takeover
Revolut has been active in Australia since 2019, using a financial services licence to build up an existing retail customer base of over 1 million, as well as thousands of business customers.
The country shares much in common with the UAE, where the fintech has also been building its presence. Both have large expat populations and are known for strict regulatory environments.
Another motivation for entering the market could be that it’s known for its significant number of small businesses, which was the main reason that AMP Bank launched a mobile-first digital bank in February 2025.
According to AMP at the time, approximately 2.4 million Australian businesses were either self-employed or employed one to four people, while the majority had a turnover of less than $200,000 annually.
“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,” said Nik Storonsky, Founder and CEO of Revolut.
The Australian licence caps what will likely be remembered as one of the most important years in the digital bank’s history. Revolut secured a Mexican banking licence in January, a long-awaited UK banking licence in March, and now this Australian one.
It also holds a European Economic Area licence through Lithuania, meaning it now operates as a licensed bank across three continents.
The momentum shows no sign of slowing as in January, Revolut filed for a US banking charter, and last week obtained a crypto licence in the UAE.
Revolut opens door for challengers down under
Storonsky noted that this licence is especially meaningful because it comes from such a “highly regulated and competitive” market, calling it “a testament to our business model and our teams.”
Australia’s banking sector has been eclipsed by the aforementioned big four banks, with strict capital and compliance requirements making it difficult for new entrants to secure a full licence.
Revolut’s ADI is the first time a global fintech has managed to do so, a milestone that sets it apart from other digital banking players still operating under restricted arrangements.
In Revolut’s home market of the UK, challenger banks have become popular, with names like Monzo, Starling Bank and Zopa boasting large customer bases through innovative products and appeal to a more digitally native audience.
While other fintechs may face the same tough requirements to secure an Australian licence, Revolut has shown that it can be done, potentially opening the door for further challenger banks in the country.
