Revolut, one of Europe's largest digital banks and financial technology companies, has announced that it has opened international payment-focused accounts for its clients in Australia.
The company confirmed that it continues to work towards obtaining a banking license in Australia.
"A banking license is still part of our plans. Achieving this regulatory standard would give our clients long-term confidence and allow us to make products that they want. We're working on it, and overall, it's a key part of our plans," Matt Baxby, CEO of Revolut Australia, told The Australian.
The accounts come with physical and digital cards, real-time expense reports, and allow multiple users to manage them.
James Gibson said the company has seen an increase in demand for modern international payment solutions from Australian small and medium-sized businesses.
Revolut Bank this week launched multi-currency business accounts that allow users to exchange up to A$75,000 ($49,950) in foreign currency per month.
We previously reported that Revolut was entering the Brazilian market.
Revolut Bank launched in the United Kingdom in 2015. Today, it is one of the largest digital banks in Europe, with 14.5 million clients worldwide. It offers personal and business accounts in more than 30 currencies.
