Revolut has received an independent authorised deposit-taking institution (ADI) licence from the Australian Prudential Regulation Authority (APRA).
The approval marks the neobank’s official debut as a licensed bank in Australia
It is also Revolut’s first banking entity in the APAC region. In a statement, the fintech said the licence makes it the first global fintech to obtain a full unrestricted ADI licence. It said the regulatory development is supported by a pledge to invest nearly A$400m ($280.1m) in Australia over the next five years.
The investment is set to cover product innovation, growth and its employer footprint. The company said Revolut Bank Australia is positioned to “bridge the gap” between secure, regulated local banking and borderless global finance. With the licence in place, the company will shift its existing base of more than 1 million Australian retail customers, along with thousands of businesses, into a fully regulated banking ecosystem.