The UK fintech has officially launched into the Australian market with the release of its new app.
The company launched in beta in Australia last year, after receiving an exemption from ASIC to distribute prepaid money cards and money transfer services to customers without holding an AFS licence for the provision of financial services. It received its Australian Financial Services Licence in April of this year.
The Australian arm of the fintech, headed up by former BOQ chief financial officer Matt Baxby, announced that the 30,000 people on its waitlist can now download its payments and financial management app on an iOS or Android smartphone.
Revolut provides users with a digital account from which they can use fee-free money transfer services (including sending, requesting or gifting money) and analyse spending patterns and set budgets.
The app also enables users to temporarily freeze cards from the app and review contactless payments, online payments or ATM withdrawals.
The fintech said it will be releasing additional features to the app later this year, including a cryptocurrency and commodities exchange, a rewards program and a “Junior” children’s account.
Revolut’s co-founder and Global CEO, Nik Storonsky, said that Revolut establishing its presence in Australia marks an exciting opportunity for the business globally: “When it comes to exchanging currencies or the ways in which they can manage their money, Australians have been at a disadvantage for far too long.
"Our mission has always been to build a truly global financial platform, and we’re very excited to roll out our product to Australian customers,” he said.
Matt Baxby, CEO of Revolut Australia, added: “Revolut is building a financial super app that enables Australians to truly take control of their finances in one place. There are so many existing financial products that are either too complicated or inaccessible for Australians. We want to break that down and put the power back into our customers’ hands.
“Like the UK and Europe, where Revolut has grown to over 12 million customers, we’ve started with a multi-currency account that provides access to interbank foreign exchange rates and a host of great tools to help customers better manage their money.
"Our plan is to rapidly introduce a range of new features, such as simple access to cryptocurrencies, commodities and fractional ownership of US stocks, as well as accounts to help children learn better financial habits, a rewards program to save money on day-day purchases, and ways for customers to easily give back to their communities.”
[Related: Revolut appoints first Australian CEO]
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Annie Kane is the editor of The Adviser and Mortgage Business.
As well as writing about the Australian broking industry, the mortgage market, financial regulation, fintechs and the wider lending landscape – Annie is also the host of the Elite Broker and In Focus podcasts and The Adviser Live webcasts.