Revolut has launched its services in Australia, a year after it revealed its plans to expand in the country.
The UK-based fintech company has launched a public beta version of its app in Australia. Currently, the service will be available for 20,000 people on its waitlist with potential expansion over the coming weeks.
Revolut has selected Melbourne as its Australian headquarters. It is also planning to hire 30 people by the end of this year.
The fintech will operate in Australia as an electronic money institution. It will offer an app with a transaction account and a debit card.
The customers will receive transaction notifications and track all their payments and expenditures.
Additionally, the app will also allow customers to set monthly budgets in various categories to restrict their expenditures.
All Revolut Australia customers can send or request money from other customers for free and split bills.
It will also allow customers to transfer funds overseas at the real exchange rate. In the beta version, the customers can hold their money in 15 currencies directly in the app.
Revolut customers in the UK, Europe and Australia can transfer money to one another instantly for free.
In a blog post, Revolut said: “Australians have been financially underserved for far too long. We’re here to help change that, one account at a time.”