Global fintech becomes the first of its kind to obtain an unrestricted ADI licence in the country
Revolut has been granted an Authorised Deposit-taking Institution (ADI) licence by the Australian Prudential Regulation Authority (APRA), marking its entry as a licensed bank in Australia and its first banking entity in the Asia-Pacific region.
The licence makes Revolut the first global fintech to secure a full unrestricted ADI licence in the country. The company has committed to investing approximately $400 million into the Australian market over the next five years, covering product development, growth and staffing. Australia joins the UK, the European Economic Area and Mexico as markets where Revolut holds full banking licences.
The ADI licence enables Revolut to migrate its existing base of more than one million Australian retail customers and thousands of business clients into a regulated banking environment. New customers signing up in Australia will be onboarded directly to Revolut Bank Australia. Eligible deposits will be protected up to $250,000 per account holder under the Financial Claims Scheme.
"Launching our Australian bank has been a long-term strategic priority and marks another significant step in our mission to build the world's first truly global bank," said Nik Storonsky, founder and chief executive of Revolut. "Securing this licence in a market as highly regulated and competitive as Australia is a testament to our business model and our teams."
"Becoming a bank in Australia marks a defining moment in our journey, achieved through a relentless focus on delivering a better financial experience for Australians," added Matt Baxby (pictured right), chief executive of Revolut Bank Australia.
"It's the launchpad for our next chapter, enabling us to expand into a broader suite of products, including savings and credit, to sit alongside the innovative services our customers already rely on every day. Our mission remains simple: to build the most seamless, secure, and customer-first banking experience for Australian consumers and businesses."
The transition for existing customers will be automated and require no action from users. Licensed banking products will begin rolling out to Australian customers immediately.
Revolut operates across more than 40 markets globally. Its Mexican banking entity, launched recently as its first fully licensed bank outside Europe, already serves more than 500,000 retail customers. The company also holds an active bank charter application in the United States, newly secured regulatory licences in the UAE and in the UK, and an organisation authorisation in Peru.
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