Revolut Launches Business Offering in Australia, Seeking Banking License

UTC by Sanaa Sharma · 2 min read
Revolut Launches Business Offering in Australia, Seeking Banking License
Photo: Depositphotos

Revolut believes that license would help to ensure higher consumer confidence.

Crypto-friendly fintech company Revolut has introduced an international payment-targeted business account for customers in Australia, as it is allegedly operating to safeguard a banking license.

The London-based company provides a wide range of fiat payment services for customers in Europe and Australia. It also rolls out crypto services like purchasing and selling a specific number of crypto assets that also include Bitcoin.

In some particular regions, it also offers access to crypto-staking. In conversation with the CEO of Revolut’s Australian unit Matt Baxby, it was said that the company’s ultimate target is to offer an application or a medium where people can supervise and envision all their financial activities.

According to Baxby, the license is a vital piece of the puzzle to activate several other areas where the company can step in. The company seeks the license to achieve the regulatory standard that would impart confidence to the consumers for a longer time.

The multi-currency business accounts kickstarted this week, with Revolut allowing users to carry out up to 75,000 Australian Dollars ($49,950) worth of foreign currency exchange per month.

According to James Gibson, the head supervisor of Revolut Business, the company has acknowledged an enhanced interest from Australian small to medium projects which seek better international payment options. Revolut has more than hundred-thousand business customers across Europe.

In an interview, Gibson said that the company has several European customers who have Australian auxiliaries along, hence there is promise of extensive foothold in the region. The attempt appends to the personal records currently present in Australia, which is different from providing traditional financial types of help and international exchanges, but offers admittance to crypto, stock, and product contributions.

Initially, Revolut had collaborated with Koinly, a crypto tax solutions provider, to allow customers to synchronize their transaction history with Koinly and expedite tax calculations. The action represents the company’s devotion to offering a comprehensive financial solution to clients

Revolut was established in 2015 and became profitable a year ago with a pretax profit of £59.1 million on revenue of £636.2 million. However, the valuation of the fintech firm was cut by 46 percent by Schroders, one of Revolut’s most reliable investors.

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