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Revolut looks for banking licence in Australia, launches crypto friendly services in the country

The crypto-friendly digital bank aims to boost consumers' confidence through the banking licence that would give them a higher "regulatory standard"

Shashank Bhardwaj
Published: May 18, 2023 04:23:54 PM IST
Updated: May 18, 2023 04:28:55 PM IST

Revolut looks for banking licence in Australia, launches crypto friendly services in the countryImage: Shutterstock

Revolut has launched its business offering in Australia which includes international payments-focused business accounts for clients in the country. Revolut is a London based Crypto-friendly fintech firm which is currently working to secure a banking licence in Australia.

It also serves clients in Europe and Australia by offering them a range of fiat payment services along with crypto services that include buying and selling of crypto assets like Bitcoin, Ether and Ripple. Reportedly, Revolut has approximately 100,000 business customers across Europe.

Matt Baxby, the CEO of Revolut’s Australian unit, says that the main goal of the firm is providing an application or a platform on which “people can manage their entire financial lives in one place”, which necessitates getting a banking licence.

“A bank licence is still very much part of our plans. To be held to that regulatory standard would give our consumers confidence for the long haul, and would enable products that are in demand from our customers. We’re working our way through that, and it’s a key part of our plans overall.”

Revolut’s multi-currency business accounts come with physical and digital cards along with reports on real time spending. They even allow multiple users to manage the accounts. In a new facility added this week, Revolut now enables these account users to carry out transactions up to the worth of 75,000 AUD ($49,950) in a month. 

James Gibson, the general manager of Revolut Business says that the company has witnessed huge demand from Australian SMEs that are seeking more and more international payment solutions. 

“What we hear a lot from them is that they really want a solution that allows them to do business overseas. And we have a lot of European customers who have Australian subsidiaries and vice versa, so we think we’re going to get quite a lot of traction with that,” he says.

Revolut already offers personal accounts in Australia and adding to the provision of traditional financial services, international transfers, the firm opens access to crypto, stock and commodity investing offerings.

Shashank is the founder of yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash

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