Revolut wins full Australian banking licence, backs it with A$400M

What's the deal? Revolut has launched Revolut Bank Australia after securing a full Authorised Deposit-taking Institution (ADI) licence from the Australian Prudential Regulation Authority (APRA). It is the first global fintech to obtain an unrestricted ADI licence, and the move marks Revolut's first banking entity in the Asia-Pacific region.

What's the endgame? The licence adds Australia to Revolut's fully licensed banking footprint across the UK, EEA, and Mexico, advancing its stated goal to build "the world's first truly global bank." The company is backing the launch with a commitment to invest nearly A$400 million into the local market over five years, spanning product innovation, growth, and hiring.

What changes for customers? Revolut will transition its existing base of more than 1m Australian retail customers and thousands of businesses into a regulated bank automatically, requiring no action from users. As customers of an APRA-authorised institution, they gain protections including the Financial Claims Scheme, which covers eligible deposits up to A$250,000 per account holder.

What's the product? The banking entity is the "launchpad for our next chapter," said Matt BaxbyDealroom has a profile for this one. Try Dealroom →, chief executive officer of Revolut Bank Australia, enabling the company to expand into savings and credit alongside its existing services. New Australian customers signing up from today will be onboarded directly to the licensed bank.

Why now? Revolut is aggressively expanding, operating across more than 40 markets and serving over 75m customers. It recently won regulatory approval in Peru and the United Arab Emirates, launched a bank in Mexico, and has applied for a US banking licence.

What could go wrong? In Australia, Revolut now competes for market share against entrenched incumbents including Commonwealth BankDealroom has a profile for this one. Try Dealroom →, National Australia BankDealroom has a profile for this one. Try Dealroom →, WestpacDealroom has a profile for this one. Try Dealroom →, and ANZ Group. Founder and chief executive officer Nik StoronskyDealroom has a profile for this one. Try Dealroom → called securing the licence "in a market as highly regulated and competitive as Australia a testament to our business model."

The signal: The Australian entry underscores Revolut's push from app-based fintech to fully licensed global bank. The company reported a fifth consecutive year of net profitability, with gross revenues up 46% to $6 billion in 2025, and is reportedly preparing to go public around 2028 at a valuation of between $150 billion and $200 billion.

Read more: Tech Funding News, Silicon Republic, Revolut