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Revolut launches Oz business account; wants banking licence

Revolut launches Oz business account; wants banking licence

Fintech giant Revolut has launched multi-currency business accounts in Australia and signalled its intention to obtain a banking licence in the country.

The new business account allows firms to exchange up to A$75,000 per month, with head of Revolut Business James Gibson telling The Australian that "Australian SMEs have been largely under-served when it comes to FX and anything international".

Matt Baxby, CEO, Revolut, adds: "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."

Meanwhile, says Baxby: "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."

Any Australian licence could depend on whether the company secures a UK one. Earlier this month, CEO Nik Storonsky said the fintech's two-year quest to secure the UK licence is now being held up by "extra cautious" regulators spooked by recent events at the likes of Silicon Valley Bank and Credit Suisse.

Recently, progress on the application has slowed down or nearly halted, according to the FT, citing people familiar with the approval process.

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