Revolut launches its first APAC bank in Australia

Revolut has an existing customer base of over 1 million in the country.

Revolut is launching a bank in Australia after securing an authorised deposit-taking institution (licence) from the Australian Prudential Regulation Authority (APRA).

Revolut Bank Australia is the fintech’s first banking entity in APAC, and follows Revolut’s other licensed banks in the UK, Europe, and Mexico.

Revolut assured its existing customer base in Australia that the transition to a license bank will require no action from its users. New customers in Australia signing up beginning 21 July 2026 will be automatically onboarded into the bank.

Revolut said it has an existing base of over 1 million Australian retail customers and thousands of businesses.

Securing the license in Australia has been a “long-term strategic priority” of Revolut, said founder and CEO Nik Storonsky.

Revolut Bank Australia CEO Matt Baxby said that becoming a bank in Australia will enable them to expand services.

“It’s the launchpad for our next chapter, enabling us to expand into a broader suite of products, including savings and credit, to sit alongside the innovative services our customers already rely upon every day,” Baxby said in a statement announcing the bank’s launch.