Revolut launches Australian banking entity after regulatory nod
The UK fintech has major plans to become ‘the world’s first truly global bank’.
Revolut will establish its first banking entity in the Asia-Pacific region after receiving regulatory approval in Australia.
With this latest approval, Revolut adds Australia to its fully-licensed banking footprint across the UK, Mexico and the European Economic Area.
The company, with its existing retail customer base of more than 1m in the country, will now be competing for market share with Australian banking bigwigs Commonwealth Bank, National Australia Bank, Westpac and ANZ Group.
The UK fintech, which operates across 40 markets and serves more than 75m customers, is aggressively expanding its footprint in a bid to become “the world’s first truly global bank”. It recently won regulatory approval in Peru and the United Arab Emirates, and has applied for a banking licence in the US.
Revolut’s regulatory success in Australia comes alongside a nearly A$400m investment commitment into the country over the next five years, including across growth and workforce.
“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 teams,” said Nik Storonsky, the founder and CEO of Revolut.
Matt Baxby, CEO at Revolut Bank Australia, said: “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.”
In March, the fintech reported its fifth consecutive year of net profitability, with group revenues up 46pc in 2025 to $6bn from $4bn the year before. It is reportedly gearing up to go public around 2028 for a valuation of between $150bn and $200bn.
The company also recently shared plans to pilot a physical store in Barcelona with a new format built for “how modern customers engage with brands today”.
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