Revolut Introduces Oz Business Account, Wants Banking Licence

Revolut introduced multi-currency business accounts in Australia and announced its desire to get a banking licence.

Revolut Business head James Gibson told The Australian that “Australian SMEs have been largely under-served when it comes to FX and anything international” and that the new business account allows enterprises to exchange up to A$75,000.

Matt Baxby, CEO, Revolut, adds: “What we hear a lot from them is that they really want a solution that allows them to do business overseas. And we have a lot of European customers who have Australian subsidiaries and vice versa, so we think we’re going to get quite a lot of traction with that.”

Meanwhile, says Baxby: “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.”

The company’s UK licence may affect its Australian one. CEO Nik Storonsky said this month that “extra cautious” authorities terrified by Silicon Valley Bank and Credit Suisse incidents are delaying the fintech’s two-year hunt for the UK licence.

According to the FT, those familiar with the approval procedure say the application has stalled or stopped.