UK Credit

UK challenger Revolut gets Australian credit license

Challenger Bank Revolut has obtained an Australian Credit License (ACL) from the Australian Securities and Investments Commission (ASIC), allowing it to begin offering credit and lending products in the country.

Matt Baxby, CEO of Revolut Australia

The receipt of the license comes after Revolut was granted permission to offer securities trading to Australian clients. Revolut Australia has also applied to become an Authorized Depository Institution (ADI).

The company says the move allows it to “further expand its offering in the local market” and strengthens its proposition in Australia as a financial super app.

Revolut says traditional banks are failing Australian customers with their “clunky experience, slow approval times and high rates” and the challenger wants to use a bespoke digital approach that “delivers 10x the value”.

The Revolut app in Australia already offers a range of financial services, including a multi-currency transaction account, automated budgeting, remittance services, cryptocurrency and commodity exchange service, cash rewards, and more. purchase, a donation platform and linked accounts for children aged 6-17.

Revolut Australia CEO Matt Baxby said securing the ACL “is an important step in our mission to create the first truly global financial platform”.

Baxby adds: “Credit products are an additional way for our customers to manage their finances, and this is an area where we see huge opportunities in the Australian market.

Revolut Australia boasts over 100,000 customers since its launch in August 2020.