UK banking app Revolut seeks Australian licence

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Revolut, the UK-based digital banking app is seeking a new licence in Australia,  engaged in meeting with the country’s regulators in order to be allowed to take user deposits, Matt Baxby CEO at Revolut indicated.

The company obtained a financial licence in 2020 for its subsidiary in Australia. It is registered with the anti-money-laundering firm as digital exchange.

As explained by Matt Baxby, “Our mission is to directly challenge the incumbent banks that … offer a suboptimal user experience, and their business models are really quite reliant on customer apathy.”

Source: Reuters

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