Revolut launches as licensed bank in Australia

The UK-based financial technology company Revolut has officially launched as a licensed bank in Australia after receiving an unrestricted Authorised Deposit-taking Institution (ADI) licence from the Australian Prudential Regulation Authority. The approval, granted on July, 21, 2026, marks the company's first banking entity in the Asia-Pacific region and positions it to directly compete with Australia's established major banks.

With this licence, Revolut Bank Australia can now take deposits from the public and offer a full suite of regulated banking products, including savings accounts and credit facilities. The company stated it is the first global fintech to obtain such a full, unrestricted ADI licence in the country. The regulatory status automatically shifts Revolut's existing base of more than one million Australian retail customers and thousands of businesses into the fully regulated banking ecosystem, a process the company said requires no action from users. New customers will be onboarded directly to the licensed bank.

A key benefit for customers is coverage under the Australian Government's Financial Claims Scheme, which protects eligible deposits of up to AUD 250,000...