The global fintech has secured an unrestricted ADI licence from the prudential regulator, paving the way for the launch of Revolut Bank Australia.
The Australian Prudential Regulation Authority (APRA) has paved the way for a new entrant to the local banking sector, granting global fintech Revolut an unrestricted authorised deposit-taking institution (ADI) licence.
This approval secures the official launch of Revolut Bank Australia, extending banking services to the company’s existing base of more than 1 million retail and business customers.
Following approval, Revolut can begin transitioning customer funds to deposit accounts, with eligible deposits now protected under the government’s Financial Claims Scheme.
APRA’s ruling allows Revolut to offer customers an expanded product suite, including instant-access savings accounts to retail and business customers and credit cards.
However, Revolut told The Adviser it has no current plans to distribute lending products via brokers, instead focusing on an app-first banking experience.
Revolut entered the Australian market as a travel card in 2020, before evolving into a financial app with products across lending, payments, insurance, and wealth.
Local CEO Matt Baxby described APRA’s decision as a “defining moment”.
“Becoming a bank in Australia marks a defining moment in our journey, achieved through a relentless focus on delivering a better financial experience for Australians,” he said.
“It’s the launchpad for our next chapter, enabling us to expand into a broader suite of products, including savings and credit, to sit alongside the innovative services our customers already rely on every day. Our mission remains simple: to build the most seamless, secure, and customer-first banking experience for Australian consumers and businesses.”
Meanwhile, Revolut’s founder and CEO Nik Storonsky also commented on the launch.
“Launching our Australian bank has been a long-term strategic priority and marks another significant step in our mission to build the world’s first truly global bank,” he said.
“Securing this licence in a market as highly regulated and competitive as Australia is a testament to our business model and our team.”
The latest announcement comes around two years after the global fintech received approval to operate as a bank in the United Kingdom, receiving a UK banking licence with restrictions from the nation’s Prudential Regulation Authority (PRA).
Revolut currently has more than 75 million customers worldwide.
New market entrants
Revolut’s unrestricted ADI licence arrives as the prudential regulator continues to look for ways to streamline the pathway for new banks to enter the Australian market.
In July 2025, APRA began consulting on proposed changes to the ADI licensing framework, aimed at creating clearer licensing expectations through more explicit and targeted criteria, while providing faster and more transparent decisions.
Under the proposed changes, applicants would have up to 12 months from submitting an application to demonstrate they had met APRA’s requirements, before the regulator makes a final decision.
The reforms formed part of APRA’s broader efforts to support competition in the banking sector and make the pathway for new entrants more efficient.
Separately, the regulator also flagged plans to introduce a three-tier regulatory framework for ADIs, with prudential requirements tailored to the size and complexity of institutions.
At the time, APRA board member Therese McCarthy Hockey said the changes were designed to make the licensing process “simpler and more effective” while maintaining the strength of Australia’s prudential framework.
“Although the success of a new bank is ultimately determined by the viability of its business model and product offering, it is important that the licensing process is not unnecessarily burdensome and supports timely entry into the banking sector,” she said.
“Our intention is for these changes to help aspiring banks navigate the licensing process more efficiently and reduce the time and cost associated with obtaining a banking licence.
“The proposed changes are part of APRA’s broader efforts to better support competition and efficiency in the banking sector and aligns with the objectives of the Council of Financial Regulators’ and Australian Competition and Consumer Commission’s recent review into small and medium-sized banks.”
[Related: Revolut secures ACL ahead of loan product roll-out]
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