Revolut Launches Business Offering In Australia, Seeks Banking License

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Crypto-friendly fintech firm Revolut is reportedly trying to secure a banking license by launching a business account focused on international payments for its Australian customers.

The London-based company offers a range of fiat currency payment services to customers in Europe and Australia. We also offer crypto services including buying and selling many crypto assets including Bitcoin (BTC), Ripple (XRP) and Ether (ETH). Certain regions also offer access to crypto staking.

Matt Baxby, CEO of Revolut’s Australian division, told The Australian on May 17. was suggested The company’s main aim, it says, is to provide an app or platform that “allows people to manage their entire financial life in one place” by obtaining a banking license, a key piece of the puzzle. increase.

“The banking license remains part of our plans. Adherence to that regulatory standard will give consumers long-term confidence and enable us to offer products that meet customer demand. is working towards that and it’s an important part of our overall plan.”

Launching multi-currency business accounts this week, Revolut will allow users to convert up to A$75,000 ($49,950) worth of currency per month.

2296a883 b42a 4fc3 a799 1724f11054f5 — *Revolut business account information.Source: REVOLT*

Accounts come with physical and digital cards, real-time spending reports, and can be managed by multiple users.

According to James Gibson, general manager of Revolut Business, the company sees considerable demand from Australian SMEs for better international payment solutions. Revolut has around 100,000 business customers across Europe.

“What I often hear from them is that they really want a solution that allows them to do business abroad. We think it will get a lot of traction,” he told The Australian.

Related: Australian Crypto Exchange Begins US Expansion Despite ‘Regulatory Risks’

The move adds to the personal accounts it already offers in Australia, providing access to cryptocurrencies, stocks and commodity investments apart from offering traditional financial services and international money transfers.

Cointelegraph reported on April 23 that Revolut has partnered with crypto tax solutions provider Koinly to allow users to sync their transaction history with Koinly for faster tax calculation.