The Australian Prudential Regulation Authority approved Revolut Payments Australia Pty Ltd, the company’s local arm, to operate as an authorised deposit taking institution, giving it the ability to offer banking services, according to a statement.
Revolut said the development is a pivotal milestone for the company’s growth. The approval marks its first banking licence in Asia-Pacific, and will protect up to A$250,000 ($175,000) of local deposits per account holder.
Revolut, which entered the Australian market in 2020 with a travel card, now has more than 30 products across payments, wealth, lending and insurance on its app and over one million retail and business customers.
“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,” Nik Storonsky, the firm’s founder and chief executive officer, said in a statement.
Revolut will begin offering banking products like savings accounts and credit cards to customers in Australia from Tuesday, according to the company. The firm has committed to invest nearly A$400 million in the local market over the next five years, it said.
Elsewhere around the world, Revolut has got a full banking licence in the UK and has applied for a US bank charter. Storonsky wants to take the digital bank public, but that won’t happen until at least 2028, he said in an interview with David Rubenstein.
