Revolut Introduces Multi-Currency Business Accounts in Australia

Fintech firm Revolut has introduced multi-currency business accounts in Australia and signaled its intention to acquire a banking license in the country.

The new business account allows companies to exchange as much as A$75,000 per month, with head of Revolut Business James Gibson revealing to the The Australian that Australian SMEs have been “largely under-served when it comes to FX and anything international”.

Matt Baxby, CEO at Revolut, remarked:

“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.”

Baxby added:

“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.”

Any Australian license may depend on if the Fintech firm secures such a permit in the United Kingdom.

Recently Revolut CEO Nik Storonsky stated that the Fintech company’s two-year-long efforts to obtain the UK license is being held up by “extra” cautious regulatory authorities who are concerned about the recent issues over at Silicon Valley Bank as well as Credit Suisse.

Notably, the progress on the application slowed down or almost halted, according to a report  by the FT, which cited sources that claim to be familiar with the matter.

As covered recently, Revolut announced its strategy for France over the next few years, including the launch of customer credit products towards the end of May 2023.

At a recent press conference held in Paris hosted by Antoine Le Nel, VP of growth at Revolut, Le Nel said that consumer loans should be available to its two million+ French customers from the 30th of this month.

Revolut has introduced this offering in several other markets, including Ireland, Lithuania, and Romania. But Revolut Loans will be a new feature in France, the firm revealed.

The Revolut Loans offering should be available only to French residents with zero opening charges, and due to Revolut’s use of open banking, hardcopy paperwork is not going to be needed in order to turn in loan applications. And clients will have almost instant feedback on their applications, according to the firm.

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