Revolut wins banking licence and sets sights on the big four
The global fintech can now take deposits and make loans in Australia, with chief executive Matt Baxby declaring its ambition to become number one.
Revolut has become the first global fintech to be granted an unrestricted banking licence in Australia, as it publicly stakes its ambition to become the country’s number one financial institution.
On Tuesday, the Australian Prudential Regulation Authority (APRA) approved Revolut’s full authorised deposit-taking institution (ADI) licence, allowing it to make loans and accept deposits covered by the government’s Financial Claims Scheme up to the applicable limit of $250,000.
“We see Revolut as the first true breakout consumer and small business bank in Australia. Others have tried and found it difficult. I think we come to it with a very different proposition,” Revolut Australia chief executive Matt Baxby told Capital Brief. “Our objective is to be number one in the Australian market.”
“We’re going to take share from the major banks because they haven’t innovated, they haven’t necessarily acted with customers in mind, and that’s the opportunity Revolut has got.”
