Revolut opens public Beta in Australia

Revolut opens public Beta in Australia

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.

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