Revolut looks for banking licence in Australia, launches crypto friendly services in the country
The crypto-friendly digital bank aims to boost consumers' confidence through the banking licence that would give them a higher "regulatory standard"
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Revolut has launched its business offering in Australia which includes international payments-focused business accounts for clients in the country. Revolut is a London based Crypto-friendly fintech firm which is currently working to secure a banking licence in Australia.
It also serves clients in Europe and Australia by offering them a range of fiat payment services along with crypto services that include buying and selling of crypto assets like Bitcoin, Ether and Ripple. Reportedly, Revolut has approximately 100,000 business customers across Europe.
Matt Baxby, the CEO of Revolut’s Australian unit, says that the main goal of the firm is providing an application or a platform on which “people can manage their entire financial lives in one place”, which necessitates getting a banking licence.
“A bank licence is still very much part of our plans. To be held to that regulatory standard would give our consumers confidence for the long haul, and would enable products that are in demand from our customers. We’re working our way through that, and it’s a key part of our plans overall.”
Revolut’s multi-currency business accounts come with physical and digital cards along with reports on real time spending. They even allow multiple users to manage the accounts. In a new facility added this week, Revolut now enables these account users to carry out transactions up to the worth of 75,000 AUD ($49,950) in a month.
