The Currency analytics
By Jean-Luc Maracon
Revolut just crossed one million customers in Australia. The UK fintech giant now sits alongside homegrown digital banks like Up and Ubank in what's become a pretty cutthroat…
The numbers tell quite a story for a company that started with just three employees when it kicked off full operations in August 2020.
Started as a travel card. Now it's much bigger.
What began as a simple travel card and currency exchange tool has morphed into something way more comprehensive.
Matt Baxby, CEO of Revolut Australia, didn't hold back on the enthusiasm. "We're incredibly proud of our achievements in Australia," Baxby said.
But Revolut's milestone comes as competition heats up big time. Up Bank hit one million customers in November 2024, right after Ubank - National Australia Bank's digital arm -…
The Australian neobanking space is worth around $25 billion and analysts expect it to grow about 8% annually through 2034. Pretty solid growth prospects there.
Revolut hasn't been sitting still since arriving in Australia. The company rolled out crypto and stock trading in 2021, launched business accounts in 2023, and added eSIM…
The expansion hasn't been totally smooth sailing though. AUSTRAC fined Revolut $123,000 last year for late compliance reporting.
Revolut applied for a full banking license in Australia back in 2023 to become an authorized deposit-taking institution. That application is still sitting with ASIC.
Charlie Short, Head of Growth at Revolut Australia, made it clear one million customers is just the beginning.
Revolut operates in over 40 markets worldwide with more than 70 million customers total. The company recently hit six million users in Spain, making it the fourth-largest bank…
The $400 million investment commitment over five years shows Revolut's serious about the Australian market.
Getting that banking license remains crucial for Revolut's Australian ambitions. If ASIC approves it, Revolut could offer savings accounts, loans, and other traditional banking…
Short's comments about ramping up marketing spending signal Revolut's ready to fight hard for market share.