Revolut secures Australian Credit Licence
Corporate · 9 February 2022
- Global fintech, Revolut, has been granted an Australian Credit Licence by the Australian Securities & Investments Commission (ASIC)
- The licence allows the fintech to bolster its ‘financial superapp’ proposition and offer credit and lending products to Australian customers
Melbourne, Australia — Revolut, the global fintech company with 18 million retail customers worldwide, has been granted an Australian Credit Licence by ASIC to offer credit and personal lending products to the Australian market.
The new licence is another milestone for the global fintech in its commitment to the Australian market, and comes shortly after Revolut was granted permission to offer securities trading to Australian customers. Revolut Australia has also recently submitted an application to become an authorised deposit-taking institution (ADI) in Australia.
The licence to offer credit and lending products will enable the fintech to further expand its offering in the local market. “Securing our Australian Credit Licence is an important step in our mission to create the world’s first truly global financial platform. Credit products are an added way for our customers to manage their finances, and it’s an area where we see vast opportunities in the Australian market,” said Matt Baxby, CEO of Revolut Australia.
“When we build our features, we aim to build a better experience and offer better value than what consumers are currently getting, and credit products are no exception to that. The legacy banks are letting Australian consumers down with their clunky experience, slow approval times and high rates. Revolut wants to challenge that. Our aim is to use a digital-first approach to create a seamless experience that’s tailored for the individual and delivers 10 times the value.”
Revolut currently offers credit products in parts of Europe and most recently opened a waitlist for personal loans in Ireland, where half of all smartphone users hold a Revolut account.
Revolut Australia has over 100,000 customers since it launched in August 2020. The Revolut app in Australia currently offers a multi-currency transaction account, automated budgeting, remittance services, a cryptocurrency and commodities exchange service, shopping rewards, a donations platform, and linked Junior accounts for children aged 6-17.
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