Revolut Becomes Australia's First Global Fintech Bank After APRA Grants Full ADI Licence
Revolut Becomes Australia’s First Global Fintech Bank After APRA Grants Full ADI Licence #
Global fintech Revolut has become a licensed bank in Australia after the Australian Prudential Regulation Authority (APRA) granted it a full Authorised Deposit-taking Institution (ADI) licence on 21 July. It is the company’s first banking entity in the Asia-Pacific region.
APRA confirmed it had authorised Revolut Payments Australia Pty Ltd under the Banking Act 1959 and licensed Revolut Australia NOHC as a non-operating holding company. Revolut is the first global fintech to hold a full, unrestricted ADI licence in Australia, and the company has already rebranded its local operations as Revolut Bank Australia.
The licence allows Revolut to offer government-backed deposit products for the first time in the country. Customer deposits are now eligible for protection under Australia’s Financial Claims Scheme, which covers up to AUD$250,000 per account holder per institution. Existing Australian customers, who have numbered more than one million since the platform launched locally in 2020 under an Australian Financial Services Licence, will be migrated automatically to the new banking entity with no action required on their part.
Revolut moved swiftly on launch day to roll out new products. Retail customers can now access instant-access savings accounts with daily-paid interest and no minimum deposit, with rates reaching as high as 5.05% per annum for the highest-tier plan holders. Business savings accounts offer variable rates up to 4.25% per annum on balances up to AUD$5 million. A fee-free credit card with limits ranging from AUD$1,000 to AUD$35,000 has also been introduced, available exclusively through Revolut’s own app.
Revolut founder and chief executive Nik Storonsky described the approval as recognition of years of effort in navigating one of the world’s more demanding regulatory environments. “Securing this licence in a market as highly regulated and competitive as Australia is a testament to our business model and our team,” he said, according to the company’s announcement.
The company has pledged to invest nearly AUD$400 million into the Australian market over the next five years in product development, growth initiatives, and workforce expansion. Revolut Australia chief executive Matt Baxby has made no secret of the company’s ambitions, previously identifying Australia’s Big Four banks, not fellow fintechs, as its primary competitive targets.
The Australian banking licence adds to Revolut’s recent regulatory momentum. The London-headquartered group received its long-awaited UK banking licence in March and has submitted a banking licence application in the United States covering all 50 states. Revolut reported global revenues of US$6 billion in fiscal 2025, up 46% year-on-year.
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