UK neobank Revolut has put itself on a collision course with Australia’s ‘big four’
The $100 billion fintech’s ambitions go far beyond competing with Airwallex and Wise as it tries to become one of the world’s biggest business banks.
“We want to be the biggest bank in the world”, Nik Storonsky the global CEO of USD75 billion ($100 billion) UK fintech Revolut, declared last week in a leaked memo outlining a major push into business banking. In Australia, that means taking on the big four banks.
Revolut does not shy away from that reality. In an interview with Capital Brief, its new Australian head of business Jake Miller laid down the gauntlet to the big four, saying its ambitions in this market extend far beyond competing with fintech peers like Airwallex and Wise.
“The goal is to be one of the top three business banks in the world, and we have a growth trajectory to get there, we have the product suite to get there, and we have the tech,” Miller said.
“We want to be one of the majors, not just a challenger… Australia’s a tough market and our big four banks have moved faster, but not so much that we don’t have a competitive advantage.”
