Revolut Launches Revolut Bank Australia After APRA Grants a Full Banking Licence, With Nearly A$400 Million of Planned Investment and Deposits Covered up to A$250,000

Revolut, the London-based financial technology company, has announced that it is now a licensed bank in Australia. The details in this article come from Revolut's own announcement dated July 21, 2026. Because it is a company statement, its descriptions of Revolut's position, such as being the first global fintech with a full licence, are the company's own claims, and the release does not describe the application history or give a valuation. The announcement is dated July 21, 2026.

The licence

Revolut says the Australian Prudential Regulation Authority, APRA, has granted it an independent authorised deposit-taking institution licence, usually shortened to ADI licence. An ADI is a business allowed to take deposits from the public in Australia, and it is supervised by APRA for capital, liquidity and risk management. Revolut describes the licence as full and unrestricted and says it is the first global fintech to hold one in Australia. It also describes it as the company's first banking entity in the Asia-Pacific region. The company says it began operating as Revolut Bank Australia from the date of the announcement.

Customers and the transition

Revolut reports more than 1 million retail customers in Australia and thousands of business customers. According to the release, existing users move to the licensed bank automatically and need take no action, while new Australian sign-ups are onboarded directly to Revolut Bank Australia. The release does not describe in detail how existing accounts were previously held or what changes in terms and conditions follow, so customers should read any notice from the company.

Products and deposit protection

Everyday banking services are available now, and the company plans to add savings and credit products. The release states that eligible deposits are covered by the Financial Claims Scheme, the Australian government's protection for deposits at ADIs, up to A$250,000 per account holder. This coverage applies to an account holder's combined eligible deposits at one ADI, and it is the main practical change for customers compared with holding money with a provider that is not an ADI, where that protection generally does not apply; customers should confirm how their own funds are held. The release does not give interest rates or fees.

Investment and leadership

Revolut plans to invest nearly A$400 million in the Australian market over five years, covering product development, growth and recruitment. It does not break the amount into categories. Nik Storonsky, the founder and chief executive of Revolut, and Matt Baxby, chief executive of Revolut Bank Australia, are quoted in the release. A simple division, done for this article, gives roughly A$80 million a year on average if the sum is spread evenly across the five years, though the company has not said it will be.

The global picture

The release places the Australian licence within Revolut's wider growth. It says the company has more than 75 million customers worldwide and operates in more than 40 markets. It already holds banking licences in the United Kingdom, the European Economic Area and Mexico. Revolut Bank Mexico serves over 500,000 retail customers. The company also says it has an active application for a US bank charter, has newly secured licences in the United Arab Emirates and has received an organisation authorisation in Peru. These are company figures and have not been independently verified here.

What it means for competition

Australia's banking market is generally described as concentrated among a small number of large lenders, although the release itself does not analyse the market. A digital bank with a large existing user base starts with an advantage that many new entrants lack, since it does not need to acquire customers from scratch. Whether that translates into better pricing or services will depend on the savings and credit products it launches. The release announces plans, not a product list with prices, and it does not say when savings or lending will arrive.

Questions for customers

Anyone with a Revolut account in Australia may want to check several points: whether the account is now held by Revolut Bank Australia, what the deposit protection covers, whether card and payment features have changed, and how complaints are handled. The release states that no action is needed for existing users, but it is a marketing document and not a legal notice.

What the announcement does not say

It does not describe APRA's conditions on the licence, if any, the capital Revolut has committed to the Australian entity, the timeline of the application or the expected number of jobs. Readers should consult APRA's public register and Revolut's disclosure documents for those details.

Reading the claims carefully

Three statements in the release are worth separating from the facts. The first is the claim to be the first global fintech with a full, unrestricted licence; that is a comparative claim by the company and depends on how global fintech is defined. The second is the customer count of more than 1 million, which is the company's own figure and does not say how many are active or how much money they hold. The third is the 75 million worldwide customers, which likewise comes from the company. By contrast, the licence itself, the A$250,000 Financial Claims Scheme limit and the A$400 million investment plan are specific, checkable statements: the first can be confirmed on APRA's list of authorised deposit-taking institutions, the second in the scheme's official rules, and the third will show up over time in hiring and product launches. A cautious reader treats the verifiable items as the core of the story and the size and ranking claims as context.

Limits

This article summarises a company announcement and does not include independent analysis of Revolut's finances or products. It is general information, not financial advice.