Besides a new offering for businesses in Australia, the crypto-friendly digital bank Revolut is still looking to secure a banking license to expand its services
UK-based fintech firm Revolut has launched international payments-focused accounts for business clients in Australia, looking to create an app or platform where “people can manage their entire financial lives in one place” once it secures a banking license.
At present, Revolut operates as a bank under a specialised banking licence in 10 European markets. However, this authorisation enables only a limited range of banking and financial services on a limited territory. Therefore, the fintech has applied for another licence in the UK. Unfortunately, current banking industry troubles have led to UK license delay.
Nevertheless, the firm doesn’t give up on its far-reaching plans. “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,” says the CEO of Revolut’s Australian unit, Matt Baxby.
Meanwhile, Revolut continues to introduce new products and boost its service value. The new multi-currency business accounts enable Australian users to conduct up to 75,000 AUD ($49,950) worth of foreign currency exchange each month. They have both physical and digital cards attached, display real-time spending reports, and allow multiple users to manage them.
Earlier this year, the firm launched in-app cashback feature, Ethereum and Cardano staking services, and top-tier premium “Ultra” subscription plan. In addition, Revolut announced plans to expand its lending activities in France over the next two years.
Before launching a new product for the Australian market, Revolut Business has observed a significant amount of demand from local SMEs which for better international payment solutions. Besides, Revolut has around 100,000 business customers across Europe, many of whom have Australian subsidiaries and vice versa.