Revolut Granted Banking Licence in Australia, Launches Bank Today
APRA has granted Revolut an Authorised Deposit-taking Institution (ADI) licence, approving the launch of Revolut Bank Australia.
Today the new bank will begin rolling out new services for its existing base of more than 1 million retail and business customers, with eligible deposits protected by the Financial Claims Scheme (FCS).
The launch is backed by Revolut’s commitment to invest AUD$400 million into its Australian operations over the next five years.
New Day One flagship products include instant access savings accounts for both retail and business customers, alongside a credit card offering available to retail customers.
SYDNEY, Australia, 21 July 2026 – Revolut, the global financial leader with more than 75 million customers worldwide and more than 1 million Australian retail customers, today announced it has been granted an Authorised Deposit-taking Institution (ADI) licence by the Australian Prudential Regulation Authority (APRA), paving the way for the official launch of Revolut Bank Australia. This milestone marks a pivotal moment in the company’s expansion, cementing its position as the first global fintech to secure an unrestricted ADI licence, and the first Revolut entity in the APAC region to secure a local banking licence.
The regulatory milestone is backed by Revolut’s commitment to invest nearly AUD$400 million into the local market over the next five years - spanning product innovation, growth and growing its employer footprint - Revolut Bank Australia is uniquely positioned to bridge the gap between secure, regulated local banking and borderless global finance.
The authorisation of the licence unlocks a new era for Revolut in Australia, enabling it to significantly expand its products and offer a more comprehensive suite of banking services. From today, Revolut will offer deposit accounts protected by the Financial Claims Scheme (FCS), strengthening its highly secure, all-in-one financial ecosystem. The company will also offer instant-access savings accounts where customers can earn up to 5.05% p.a. with interest paid daily, and expanded lending options like credit cards. Revolut will continue to deliver the innovative tools Australians need to take control of their finances and redefine what they expect from their bank.
Nik Storonsky, Founder and CEO of Revolut, commented: “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. Securing this licence in a market as highly regulated and competitive as Australia is a testament to our business model and our team.”
Matt Baxby, CEO at Revolut Bank Australia, commented:“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. 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.”
Revolut Bank Australia’s Day One Flagship ProductsThis banking milestone follows a period of hyper-growth for Revolut in the Australian market. Since entering Australia in 2020, Revolut has evolved from a simple travel card into a complete financial lifestyle app offering more than 30 products across payments, wealth, lending, and insurance. Driven by its proprietary technology and expanding team, the company has achieved an average annual customer growth rate of nearly 100% since 2022.
As a newly licensed bank in Australia, Revolut will continue redefining the financial landscape by stripping away the complexities and hidden costs associated with traditional banking. The bank's "Day One" flagship offering launching today includes an expanded product suite designed to simplify how Australians grow and spend their money. Products will include:
Instant-Access Savings Accounts (available to Retail and Business customers):
Customers who deposit funds will earn variable interest that is calculated, compounded, and paid directly into the account every day.
The accounts feature no minimum monthly deposit requirements, no balance growth targets, and no withdrawal penalties.
Rates are based on the customer's plan
Retail (combined balances above AUD$250,000 will earn interest at the next lowest plan rate):
Standard and Plus: earn 3.00% p.a. (up to $1M)
Premium: earn up to 3.65% p.a.
Metal: earn up to 4.35% p.a.
Ultra: earn up to 5.05% p.a.
Business
Basic: earn 2.0% p.a
Grow: earn 3.0% p.a
Scale: earn 4.0% p.a
Enterprise: earn 4.25% p.a
To make saving stress-free and give customers greater control, the account features a suite of market-leading security tools including 2FA authentication, biometric security, geotargeted security controls, real-time spending alerts, and in-app card controls.
Customers can create and customise multiple savings accounts to support their goals, set up automated recurring or income-sorted transfers, and use transaction round-ups to automatically sweep spare change from everyday purchases straight into their interest-bearing accounts.
$0 Annual Fee Credit Cards, with boosted benefits for Paid Plan Customers (Retail customers):
New and existing Retail customers will be able to apply for a credit card in the Revolut app with no additional annual fee in minutes, subject to assessment.
Revolut is making premium rewards truly accessible by offering an industry-first subscription model. Australians can now choose their exact level of benefits and costs by pairing their credit card with any Revolut plan, giving them transparent, tailored access to everything from gift cards for daily essentials, to high-tier travel perks, entirely independent of their credit limit.
Designed for both local and international flexibility, the card offers credit limits ranging from AUD$1,000 to AUD$35,000, up to a 44-day interest-free period on purchases, and $0 foreign exchange fees on weekdays within a user's plan allowance.
Every eligible dollar spent on the card hooks directly into the RevPoints rewards program, which features flexible redemption options including up to a 1:1 transfer rate across 44 major airline programs, a curated subscription bundle, as well as discounted rates for Stays and Experiences. Customers can also redeem points for daily essentials like Uber, Woolworths, and Big W gift cards.
RevPoint earn rates are determined by the customer's plan:
Standard: up to 1pt per $16
Plus: up to 1pt per $13
Premium: up to 1 point per AU$2.5 spent
Metal: up to 1pt per $1
Ultra: up to 1.3pt per $1
Changes for new and existing customersFor the more than 1 million Australian retail and business customers already using Revolut, the transition will be instant and seamless. The Revolut app and cards will continue to operate as usual, with customers automatically migrated to the new bank from Day One. See further details on the transition process here: www.revolut.com/en-AU/legal/terms/
Revolut Business Australian businesses will also benefit from an even stronger suite of financial services under one roof. The ADI licence unlocks the ability to offer flexible, instant-access savings accounts that seamlessly integrate with Revolut's existing multi-currency accounts and financial management features. This expansion reinforces the company's commitment to serving Australia's more than 2.5 million small businesses. Revolut Business has experienced rapid growth since launching in Australia in 2023, with monthly transaction volumes surging 235% in 2025. In early 2026, Revolut Business became the first platform in Australia to offer a fully integrated 360° merchant acquiring solution, combining in-person, account-to-account, and online payments within a single business account, with 24/7 settlement and support for 30+ currencies.
For more information about Revolut Bank Australia and its upcoming features, please visit www.Revolut.com/en-AU.
