Revolut launches Australian bank after licence win

Revolut has launched Revolut Bank Australia after receiving an Authorised Deposit-taking Institution licence from the Australian Prudential Regulation Authority, becoming the first global fintech to secure an unrestricted ADI licence in Australia.

The launch allows Revolut to offer deposit accounts covered by the Financial Claims Scheme and broadens its product range in a market where it says it already serves more than 1 million retail customers and thousands of businesses.

Services will begin rolling out immediately to existing users in Australia, with customers migrated automatically through the app. Cards and the app will continue to operate as usual during the transition.

The launch is backed by a planned investment of nearly AUD $400 million in Australia over the next five years. The spending will cover products, growth and local hiring as Revolut seeks to deepen its presence in a competitive banking market.

Revolut's first products under the new banking entity include instant-access savings accounts for retail and business users, and a credit card for retail customers. Eligible personal customers can access rates ranging from 3.00% a year on standard plans to 5.05% a year on the Ultra plan, while business customers can access rates from 2.0% to 4.25% a year depending on plan level.

The savings accounts calculate and pay interest daily. They have no minimum monthly deposit requirements, no balance growth targets and no withdrawal penalties. For retail customers, higher rates apply up to specified balances, after which lower rates apply.

The credit card carries no annual fee and offers credit limits from AUD $1,000 to AUD $35,000, subject to assessment. It includes up to a 44-day interest-free period on purchases and no foreign exchange fees on weekdays within a customer's plan allowance.

Card spending links to the company's RevPoints rewards programme, which includes transfers to 44 airline programmes as well as gift card redemption options. Earn rates vary by subscription plan, with higher-tier customers receiving more points per dollar spent.

Market push

Australia has become an important market for Revolut since its entry in 2020. It has expanded from a travel card offering into a broader financial app with more than 30 products across payments, wealth, lending and insurance.

Customer numbers in Australia have risen at an average annual rate of nearly 100% since 2022, according to Revolut. On the business side, monthly transaction volumes in its Australian business unit increased 235% in 2025.

The ADI licence also marks a regional milestone for the group, as the Australian entity is the first Revolut operation in Asia-Pacific to obtain a local banking licence. That gives Revolut a stronger regulatory footing in a region where digital finance groups have often relied on partnerships rather than direct banking authorisation.

For Australian businesses, the licence allows Revolut to add instant-access savings accounts to its existing multi-currency and money management products, extending the range of services it can provide to small businesses using its platform.

Revolut has positioned the move as a long-term strategic step in building a larger international banking network. Founder and Chief Executive Officer Nik Storonsky highlighted the significance of obtaining authorisation in a tightly regulated market.

"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 team," said Nik Storonsky, Founder and Chief Executive Officer, Revolut.

Matt Baxby, who leads the local bank, said the licence broadened the scope of products Revolut can now offer in the country.

"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," said Matt Baxby,  CEO, Revolut Bank Australia.