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Revolut obtained a financial licence for its subsidiary in Australia in 2020 and is registered with the anti-money-laundering agency as digital exchange. Australia’s banking system is dominated by four banks that control about 80% of the sector – Commonwealth Bank of Australia , Westpac Banking Corp, Australia and New Zealand Banking Group, and National Australia Bank.
In recent years, a number of so-called challenger banks have emerged but some have been taken over by the big incumbents while others have failed, prompting the regulator to toughen its licencing rules. Established in 2015, Revolut has more than 16 million customers and is aiming to become a leading financial super app.
It has gained popularity with travellers by offering cheaper and easier foreign exchange services than mainstream banks and now provides a range of products including trading and insurance. It has yet to become profitable. Since launching in Australia in 2020, over 100,000 people have signed for services including pre-paid card payments, foreign exchange, and crypto trading, Reuters concludes.
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