Revolut shuffles into Australian market

Banking Day staff Latest news

Revolut says it will, from today, "begin to gradually on-board a select number of customers on a daily basis" to a beta version of its app for the Australian market, the London-based fintech said yesterday.

“The most important focus is for us to take a measured approach. We are initially launching in Australia with a market leading product in the areas of foreign exchange and money management, Will Mahon-Heap, APAC Expansion Manager at Revolut said. Mahon-Heap is one of the founders of Equitise.

Revolut deferred its local ramp up thanks to flurries of adverse publicity in early March, including in Banking Day.
Revolut makes clear, via the fine print at its website, that it "is not a ‘bank’ and cannot conduct ‘banking business’ in Australia. Instead it is relying for now on licensing via the UK's Financial Conduct Authority and the Australian Securities and Investments Commission.
volt Bank, meanwhile, emailed its own early-bird customers yesterday that "timings looking positive for an early Spring launch (a little earlier for the Volt Labs community)."