Revolut has received an independent authorised deposit-taking institution (ADI) licence from the Australian Prudential Regulation Authority (APRA).
The approval marks the neobank’s official debut as a licensed bank in Australia.
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It is also Revolut’s first banking entity in the APAC region.
In a statement, the fintech said the licence makes it the first global fintech to obtain a full unrestricted ADI licence.
It said the regulatory development is supported by a pledge to invest nearly A$400m ($280.1m) in Australia over the next five years.
The investment is set to cover product innovation, growth and its employer footprint.
The company said Revolut Bank Australia is positioned to “bridge the gap” between secure, regulated local banking and borderless global finance.
With the licence in place, the company will shift its existing base of more than 1 million Australian retail customers, along with thousands of businesses, into a fully regulated banking ecosystem.
From 21 July, Revolut Bank Australia has started rolling out its licensed banking products to customers in Australia.
Revolut said current customers will be moved across through an automated process that requires no user action.
New customers signing up in Australia will be onboarded directly to Revolut Bank Australia.
As customers of an APRA-authorised deposit-taking institution, users will fall under Australia’s banking regulatory framework.
That includes the Financial Claims Scheme, which covers eligible deposits up to A$250,000 per account holder.
Revolut founder and CEO Nik Storonsky said: “Launching our Australian bank has been a long-term strategic priority and marks another significant step in our mission to build the world’s first truly global bank.”
Revolut Bank Australia CEO Matt Baxby described the licence as a “defining moment”.
“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 on every day,” Baxby added.
In January, Revolut began full banking operations in Mexico following the completion of its beta testing phase, representing its first bank outside European borders.
It is also pursuing a banking a French banking licence and in April selected Paris as the site of its western European headquarters.
This followed its March receipt of a full banking licence in the UK.
The same month, it applied to the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation for a national bank charter in the US.
In June, the company secured a stored value facilities (SVF) licence, and a retail payment services (category ii) licence by the Central Bank of the United Arab Emirates (CBUAE).
