Revolut Moves Down Under
The British fintech giant has gone global and launched in Australia - their first territory outside of Europe. The beta version of the Australian app already has 20,000 users.
The British fintech giant Revolut has gone global, launching their personal banking app in Australia. It is their first operating territory outside of the European market. The beta version of the Australian app already has 20,000 users thanks to a waiting list populated by word of mouth sign ups.
Revolut is one of the fintech start-ups from the UK that is shaking up the system. It was launched in 2015 and has over 5million users, although this is the first time the banking app has ventured outside of Europe.
In its most recent funding round Revolut was valued at US$1.7billion. The start-up has secured a European banking license, along with licenses for Japan and Singapore, although they haven’t started doing business there yet.
The company will start to offer personal banking facilities, including the ability to hold up to 15 currencies and the budgeting and saving facilities that will be familiar to European customers. The aim is to offer business services, stock trading, and crypto currency within the next year to year and half.