Revolut Launches Licensed Bank in Australia to Challenge Big Four

The UK-based fintech Revolut launched Revolut Bank Australia on July 21, 2026, after the Australian Prudential Regulation Authority granted the company an authorized deposit-taking institution license. This marks the company's first banking license in the Asia-Pacific region and allows it to offer government-guaranteed deposit accounts under the Financial Claims Scheme, protecting up to $250,000 per customer.

To compete with the dominance of Australia's big four banks—Commonwealth Bank, National Australia Bank, Westpac, and ANZ Group—the company is offering savings rates up to 5.05% for retail customers and up to 4.25% for businesses on balances up to $5 million. The product suite also includes fee-free credit cards with limits up to $35,000. Revolut will migrate its existing 1.2 million Australian customers to the new licensed entity.

Revolut has committed to investing nearly A$400 million into the Australian market over the next five years and plans to increase its local workforce by approximately 20% over the next 18 months. This expansion is part of a broader strategy to build a global bank, with the company having already applied for a license in New Zealand and receiving preliminary approval for crypto services in the United Arab Emirates.