Revolut secures Australian banking licence, pledges AUD 400 million investment

The Australian Prudential Regulation Authority granted Revolut a full Authorised Deposit‑taking Institution licence, allowing the fintech to operate as Revolut Bank Australia. The approval makes Revolut the first global fintech with an unrestricted ADI licence in Australia and adds the country to its existing licences in the UK, the European Economic Area and Mexico.

Revolut committed to invest about AUD 400 million over the next five years for product development, hiring and market expansion. The licence enables the company to offer government‑backed deposit accounts, savings and credit products, and business banking services, with deposits protected up to AUD 250,000 under the Financial Claims Scheme. The launch is positioned as a direct competitor to Australia’s “big four” banks.

The move reflects Revolut’s broader strategy to build a worldwide bank, leveraging its more than 75 million global customers and a base of over one million Australian users.