Crypto-friendly fintech firm Revolut has launched an international payments-focused business account for customers in Australia, and is reportedly working towards obtaining an Australian banking license.
The London-based company provides a range of fiat payment services to clients in Europe and Australia. It also provides crypto services, including buying and selling multiple crypto assets, including Bitcoin, Ripple and ether. In some regions, it also provides access to c Krypton assets.
Matt Baxby, CEO of Revolut Australia, 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 life in one place by obtaining a banking license" as a key piece of the Puzzle: "The banking license remains an important part of our plan. Adherence to this regulatory standard will give our consumers confidence in the long term and enable our customers to deliver the products they want. We are working hard to resolve this as part of our overall plan key part of the
The multi-currency business account launched this week, with Revolut enabling users to perform foreign currency exchanges worth up to A$75,000 ($49,950) per month.
These accounts come with physical and digital cards and real-time spending reports, and allow multiple users to manage them.
According to Revolut Business managing director James Gibson, the company has observed a high level of demand from Australian SMEs looking for better international payment solutions. Revolut has around 100,000 business customers in Europe. “What we often hear from them is that the y really want a solution that will allow them to do business overseas. We have a lot of European clients with subsidiaries in Australia and vice versa, so we think we will Gained a lot of traction," he told The Australian. The move adds to the personal accounts it already offers in Australia, offering investments in cryptocurrencies, shares and commodities, in addition to traditional financial services and international transfers.
