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Revolut launches in Australia

Jun 13, 2019

Public beta is already available for the first 20,000 people in the waitlist

Revolut launches in Australia. Source: unsplash.com

Mobile-only bank Revolut announced it has launched public beta in Australia. The beta launch is limited to 20,000 Australians on the waitlist. The bank plans to roll out its services on this market gradually.

Revolut identified Melbourne as a home for its Australian HQ, as the city is a center for FinTech innovation and talent. The bank says it not only creates high-skilled jobs but is also going to invest millions of dollars into the Australian economy.

Revolut recently obtained a banking license from the European Central Bank, but it is not, in fact, a bank in Australia. It will be operating in the country as an ‘electronic money institution’.

It means that we have no physical branches, which you might think would make it easy to set up anywhere in the world. In reality, every country has its own regulatory laws which govern what financial business can and can’t do. Naturally, we want to get off on the right foot here, which is why we’re taking our time to roll out gradually, to make sure that all of our Australian customers feel supported, and that they have the best possible experience. We’re in this for the long haul, after all
Revolut

SEE ALSO:?TOP-10 mobile-only banks

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