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Revolut closing in on Australian banking licence

The Australian arm of UK neobank Revolut has been growing strongly. Now, the company is eyeing a local banking licence for its next evolution.

Andrew Cornell
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Neobank Revolut is confident of obtaining a banking authority from APRA in Australia. Shutterstock.

Revolut, one of the world’s fastest-growing neobanks, is close to securing a banking licence in Australia — a move that would fuel its next phase of growth following a strong 2024.

Revolut is part of a wave of challengers like Airwallex and Wise, which have grown beyond their initial focus on foreign exchange and cross-border payments to offer a broader suite of banking services. However, Revolut is not yet formally a “bank".

Having operated in Australia for five years, Revolut reached a significant milestone in 2024 by securing a banking licence from UK regulators. It applied for an Authorised Deposit-taking Institution (ADI) licence from the Australian Prudential Regulation Authority (APRA) last year.

“[An ADI] remains very important for us,” Revolut Australia CEO Matt Baxby told Capital Brief.