{"id":816987,"date":"2026-07-22T17:34:25","date_gmt":"2026-07-22T17:34:25","guid":{"rendered":"https:\/\/www.newsbeep.com\/au\/816987\/"},"modified":"2026-07-22T17:34:25","modified_gmt":"2026-07-22T17:34:25","slug":"revolut-new-bank-launches-in-australia-with-plans-to-invest-400-million-into-rollout","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/au\/816987\/","title":{"rendered":"Revolut: New bank launches in Australia with plans to invest $400 million into rollout"},"content":{"rendered":"

A global fintech has been granted an Australian<\/a> banking licence, paving the way for the business to expand its footprint in the local finance sector and challenge the nation\u2019s big four banks.<\/p>\n

Revolut, a popular financial institution in Europe, has been granted an unrestricted licence from the Australian Prudential Regulation Authority.<\/p>\n

\"Canary<\/p>\n

Revolut has been granted an unrestricted licence from the Australian Prudential Regulation Authority.
\n\u00a0iStock<\/p>\n

The company, which launched in Australia as a budgeting and personal finance app six years ago, markets itself as a \u201cfinancial super app\u201d.<\/p>\n

From this week, the company will transfer the balances of its more than one million Australian customers to deposit accounts.<\/p>\n

Customers will be protected by the federal government under the Australia\u2019s financial claims scheme, up to a value of $250,000.\u00a0<\/p>\n

The company has committed to investing $400 million into its growth plans in Australia over the next five years.<\/p>\n

The Australian banking licence will allow the business to carry out functions such as paying interest on savings.<\/p>\n

Revolut chief executive officer Nik Storonsky\u00a0has a plan to build a global bank with 100 million customers in 100 countries.<\/p>\n

The service currently operates in more than 40 countries with 75 million customers worldwide.<\/p>\n

\u201cLaunching our Australian bank has been a long-term strategic priority and marks another significant step in our mission to build the world\u2019s first truly global bank,\u201d Storonsky\u00a0said.<\/p>\n

Revolut reported a profit of $US2.3 billion globally last year, which was up 57 per cent on the previous year.<\/p>\n

Locally revenue was $71 million in Australia, up 74 per cent year-on-year, with a net profit of $7.4 million, according to The Australian Financial Review.<\/p>\n

The business<\/a> was awarded a full banking licence in March in the United Kingdom<\/a>.<\/p>\n

\"Nikolay<\/p>\n

Revolut chief executive officer Nik Storonsky.\u00a0Bloomberg via Getty Images<\/p>\n

The company has also submitted an application for a licence in the US<\/a>, which would it allow the business to operate in 50 states.<\/p>\n

The banking service is popular in Europe<\/a>, where it offers mortgages in some parts of the continent.<\/p>\n

The service has grown to 13 million customers in the United Kingdom<\/a>, six million in Spain<\/a> and five million in France<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"A global fintech has been granted an Australian banking licence, paving the way for the business to expand…\n","protected":false},"author":2,"featured_media":816988,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[64,63,99],"class_list":["post-816987","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-au","tag-australia","tag-business"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/816987","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/comments?post=816987"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/816987\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media\/816988"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media?parent=816987"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/categories?post=816987"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/tags?post=816987"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}