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Revolut Launches Business Offering in Australia, Seeks Banking License

Revolut, a cryptocurrency-friendly fintech firm, has launched international payments-focused business accounts for clients in Australia as it reportedly works to secure an Australian banking licence.

For clients in Europe and Australia, the London-based firm provides a variety of fiat payment services. It also provides crypto services such as buying and selling a variety of crypto assets such as Bitcoin $27,350, Ripple $0.45, and Ether $1,825. It also allows for crypto-staking in certain regions.

Matt Baxby, the CEO of Revolut’s Australian unit, told The Australian on May 17 that the company’s main goal is to provide an app or platform where “people can manage their entire financial lives in one place,” with obtaining a banking licence being a key piece of the puzzle:

“A bank licence is still very much on the table.” Being held to that regulatory standard would provide our consumers with long-term confidence, as well as enable products that our customers want. We’re working on it, and it’s an important part of our overall strategy.”

The multi-currency business accounts went live this week, with Revolut allowing users to exchange up to 75,000 AUD ($49,950) in foreign currency per month. The accounts include physical and digital cards, real-time spending reports, and the ability to manage them by multiple users.

According to James Gibson, general manager of Revolut Business, the company has seen a significant increase in demand from Australian small and medium-sized businesses looking for more international payment options. Revolut has approximately 100,000 business customers in Europe.

“What we hear from them a lot is that they really want a solution that allows them to do business internationally.” And we have a lot of European customers with Australian subsidiaries, so we think we’ll get a lot of traction with that,” he told The Australian.

The move expands on the personal accounts it already provides in Australia, which include access to crypto, stock, and commodity investing in addition to traditional financial services and international transfers.

On April 23, it was reported that Revolut had partnered with cryptocurrency tax solution provider Koinly to allow users to synchronise their transaction history with Koinly and speed up tax calculations.

 

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