Fintech firm Revolut plans expansion in Australia

Financial exertion steadfast Revolut has outlined a A$400m ($282m) concern strategy aimed astatine expanding its beingness successful Australia implicit the adjacent 5 years.

The determination was announced by its Australia main compliance serviceman Scott Jamieson, who joined the fintech successful 2020, successful a LinkedIn post.

The announcement comes arsenic the company’s Australian lawsuit basal has exceeded 1 million, aft six years of cognition successful the country.

Since entering the Australian marketplace successful 2020 with a tiny team, Revolut has accrued its section workforce to much than 100 employees.

The fintech was granted an Australian Financial Services Licence successful May 2020, followed by a nationalist motorboat successful August of that year.

It besides holds an Australian Credit Licence and is seeking authorisation from the Australian Prudential Regulation Authority to run arsenic an Australian Deposit Institution.

Revolut’s offerings for Australian customers see a multi-currency debit card, integer wallet, planetary wealth transfers, trading successful integer assets, US stocks and commodities, arsenic good arsenic unsecured idiosyncratic loans.

According to Jamieson, clients person collectively saved A$250m successful overseas speech charges erstwhile compared to accepted banks.

Revolut Australia caput of maturation Charlie Short commented: “One cardinal customers is not the extremity goal, it’s the impervious point. Over the past 2 years, Revolut has scaled rapidly successful Australia, with beardown maturation crossed customers, payments, FX and engagement, and grounds usage successful 2025.

“Starting 2026 arsenic 1 of the country’s apical fiscal apps, we’ve already built existent momentum successful the market. This twelvemonth volition spot america treble down connected selling concern and stay assertive with merchandise delivery, pushing america into our biggest twelvemonth yet.”

The institution introduced a merchant acquiring level for businesses successful Australia, arsenic announced by Revolut Business Australia relationship enforcement Lucy Lindsay.

The level features processing fees starting astatine 0.5%, 24-hour settlements (including weekends), outgo terminals with Tap to Pay connected iPhone capability, and enactment for transactions successful implicit 30 currencies. Businesses are provided nonstop entree to Revolut’s planetary lawsuit network.

Revolut’s enlargement plans travel maturation successful the Australian market, with transaction volumes expanding by 235% implicit the past 12 months.

The fintech is approaching 70 cardinal customers worldwide with plans to put $13bn (£10bn) implicit the adjacent 5 years to thrust its planetary expansion, a determination announced past year.

"Fintech steadfast Revolut plans enlargement successful Australia" was primitively created and published by Retail Banker International, a GlobalData owned brand.