UK-based challenger bank Revolut is reportedly in talks with Australian regulators to secure a banking licence in the country.

“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,” Reuters quoted Revolut country head Matt Baxby as saying.

As per the report, Baxby told a parliamentary committee: “We’ve engaged with APRA (Australian Prudential Regulation Authority) and are intent on filing an application to become an Aussie bank.”

Last year, the lender had obtained a financial licence for its subsidiary in the country and is registered with the anti-money-laundering agency as a digital exchange.

Over 100,000 people have subscribed to Revolut in Australia for services like pre-paid card payments, foreign exchange, and crypto trading, Baxby added.

Almost 80% of the Australian banking industry is dominated by Commonwealth Bank of Australia, Westpac, Australia and New Zealand Banking Group and National Australia Bank.

Founded in 2015, Revolut offers banking, investing, currency transfer and other money management services to around 16 million users globally.

In July this year, the challenger bank raised $800m at a valuation of $33bn, which made it the most valuable fintech in the UK.

In other Australian banking news, last week, Commonwealth Bank of Australia launched its buy-now-pay-later (BNPL) platform in a bid to compete with Afterpay.

Recently, Afterpay launched a banking app in Australia where it is said to be a leading player in the BNPL market.