Revolut Wins Full Australian Banking Licence in APAC First

British financial technology company Revolut has secured a full authorised deposit-taking institution licence from the Australian Prudential Regulation Authority, becoming the first international fintech to hold an unrestricted licence of this kind in the country. The approval allows Revolut to launch Revolut Bank Australia with immediate effect, its first banking operation anywhere in the Asia-Pacific region and an addition to its licensed banking presence in the UK, the European Economic Area and Mexico. The company said it will invest close to 400 million Australian dollars in the local market over the next five years, directing funds toward product development, growth and expanding its local workforce, and reported a waitlist approaching 100,000 registrations. The move underscores a broader wave of fintechs seeking full banking charters as they push to offer deposits, lending and other regulated services rather than operating solely through partnerships. For Australian consumers, a new licensed digital bank promises additional competition against incumbent lenders, potentially improving pricing and features. The launch also reflects APRA's stated aim of lowering barriers for credible new entrants while maintaining prudential standards designed to protect depositors and the stability of the financial system.