Revolut Just Became A Real Bank In Australia
Revolut wants to be your daily bank, not just your Bali fund
Revolut has been handed a full banking licence by the Australian Prudential Regulation Authority (APRA), and as of 21 July 2026 is operating as Revolut Bank Australia. The global fintech is the first to be granted a full Australian Deposit-taking Institution (ADI) licence, which allows Revolut to legally accept deposits, offer savings and credit products, and operate as a bank rather than a licensed payment provider. Revolut first applied for the ADI licence back in 2023.
The popular London-based fintech was founded in 2015, before landing in Australia nearly six years ago. Revolut touts itself as one app for all things money, and offers highly competitive money transfer and currency exchange services, as well as budgeting services.
"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," says Revolut Founder and CEO Nik Storonsky.
"Securing this licence in a market as highly regulated and competitive as Australia is a testament to our business model and our teams," he adds.
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What Revolut Becoming A Bank Means For Existing Customers
If you're already using Revolut, nothing needs to be done on your end. The switch to the licensed bank entity is automatic, so your cards and app will keep working as normal through the transition. Anyone signing up from today gets onboarded straight into Revolut Bank Australia.
The bigger deal is what the licence unlocks. As an APRA regulated ADI, Revolut Bank Australia now falls under the Financial Claims Scheme. This is the government guarantee that protects eligible deposits of up to $250,000 per account holder if the bank goes under.
Previously, Revolut operated under an Australian Financial Services Licence and an Australian Credit Licence. But these don’t carry the same government-backed protection on your balance that money in a CommBank or ANZ account does. That gap is now closed.
Revolut's first products under the new banking licence are instant-access savings accounts for retail and business customers, plus a new credit card. Rates on the savings accounts range from 3.00% p.a. on the free Standard plan up to 5.05% p.a. on the $99.99 monthly Ultra plan.
The Money Behind Revolut’s Move
Revolut is putting close to $400 million into the Australian market over the next five years, covering product development, growth and local hiring. Matt Baxby, CEO of Revolut Bank Australia, says the licence is the launchpad for the next chapter, with savings and credit products sitting alongside the multi-currency and exchange features the company is already known for.
“Becoming a bank in Australia marks a defining moment in our journey…Our mission remains simple: to build the most seamless, secure, and customer-first banking experience for Australian consumers and businesses,” adds Baxby.
It's been a fast six years for Revolut in Australia. The company launched publicly in August 2020, and has now passed one million customers in Australia, putting it in the same customer bracket as homegrown digital banks Up and Ubank.
Summing Up: Revolut’s Bigger Picture
Australia isn't Revolut's first banking licence, but it's a significant one. This is Revolut putting its money where its mouth is in Australia. For years it's been a great travel card and a solid option for holding foreign currency and dodging FX fees, but not somewhere you'd want to park your emergency fund. The ADI licence changes that outlook, and once savings and credit products are properly live, Revolut stops being "the travel card" and starts being a genuine alternative to legacy banks in Australia.
Whether people actually shift their everyday banking over is another question. Trust takes longer to build than a licence application, but the gap between "fintech" and "bank" just got a lot smaller.
