Revolut seeks Australian banking licence

Revolut has revealed plans to file an application for an Australian banking licence.

The UK digital banking platform is also reportedly in talks with Australia’s regulator to be allowed to take customer deposits.

Revolut, which is now valued at $33 billion, has so far operated through its Lithuanian banking licence in the EU. Through this licence it is able to operate across 10 Central European countries, including Lithuania, Cyprus, Slovenia, Bulgaria, Croatia, Greece, Malta, Estonia, Latvia, Romania, and Slovakia.

In February Revolut submitted an application for a UK banking licence and in the following month applied for one in the US.

According to a report by Reuters, the FinTech’s Australia-based chief executive of global banking told a parliamentary committee that the company’s mission is to directly challenge incumbent banks that offer a “suboptimal user experience.”

Matt Baxby also told the committee that the business models of these organisations are “really quite reliant on customer apathy.”

Australia is currently dominated by four banks – Commonwealth Bank of Australia, Westpac Banking Corp, Australia and New Zealand Banking Group, and National Australia Bank – which make up around 80 per cent of the banking sector.

"We've engaged with APRA (Australian Prudential Regulation Authority) and are intent on filing an application to become an Aussie bank,” added the chief in his address to the committee.

Revolut said that last year it was given a financial licence for its Australian subsidiary and is registered with the anti-money-laundering agency as digital exchange.

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