(22 July 2026 – Australia) Revolut has secured a full Australian banking licence from the Australian Prudential Regulatory Authority (APRA) as the group commits A$400 million to expanding operations in the country over the next five years.
Revolut enters with an established customer base and a broader product range than other digital neobank challengers that have progressed with varying success such as Judo Bank, Volt, Xinja and 86400.
The licence moves Revolut beyond competing for payments and FX into direct competition for deposits, lending and customers’ primary banking relationships.
After APRA granted Revolut Payments Australia a banking licence the group launched Revolut Bank Australia and is now converting over one million Australian retail customers from Revolut Payments to the bank. Australia is Revolut’s first licensed banking market in Asia Pacific, where the Big Four majors continue to dominate retail and business banking.
Eligible deposits up to A$250,000 are protected under the Financial Claims Scheme and Revolut has also introduced instant-access savings accounts and credit cards.
“Today marks a defining moment in our journey. I am incredibly proud to announce that APRA has granted us an ADI licence and given approval for us to launch Revolut Bank Australia” commented Revolut Bank Australia CEO, Matt Baxby.
“Since entering Australia in 2020 with a team of just three people, we’ve been relentlessly focused on delivering a better, more seamless financial experience. Today, we serve over one million Australians and thousands of businesses, and this licence is the launchpad for our next chapter.”
This year Revolut secured a full UK banking licence following a protracted four-year process, entered Mexico as its first launch outside of Europe and plans to triple headcount in Singapore.
Revolut CEO Nik Storonsky explained in the past that regulators in the US, Australia, New Zealand and Switzerland were essentially waiting for Revolut to secure its full UK banking licence before progressing with their own approvals.