Revolut, the digital alternative to traditional banks which has attracted over five million customers in the UK and Europe, has opened a public Beta to a 20,000-strong waiting list in Australia.
The money transfer firm is setting up shop in Melbourne, with plans to hire 30 staff for a gradual roll out of its money transfer app.
Will Mahon-Heap, Apac expansion manager at Revolut, says: “The most important focus is for us to take a measured approach. We are initially launching in Australia with a market leading product in the areas of foreign exchange and money management, but we’ll look to expand our core offering in the future to include business accounts, cryptocurrency exchange, commission-free stock trading and metal cards."
Since launching, Revolut has processed more than $50 billion in transaction volumes for customers in the UK and Europe. The company has raised more than $336 million in funding and boasts a current valuation of $1.7 billion.
Revolut has set its sights on global expansion, recently launching an operation in Russia and securing remittance licences in Singapore and Japan.