Revolut launches business offering in Australia, seeks banking license

The crypto-friendly digital bank said the license would hold them to a higher “regulatory standard” that could give consumers confidence.

Crypto-friendly fintech firm Revolut has launched international payments-focused business accounts for clients in Australia, as it reportedly works to secure a banking license down under.

The London-based firm offers a range of fiat payment services for clients in Europe and Australia. It also offers crypto services, including the buying and selling of a number of crypto assets including Bitcoin (BTC), Ripple (XRP) and Ether (ETH). In certain regions, it also provides access to crypto-staking.

Speaking with The Australian on May 17, the CEO of Revolut’s Australian unit, Matt Baxby suggested that the firm’s major aim is to provide an app or platform where “people can manage their entire financial lives in one place,” by obtaining a banking license being a key piece of the puzzle:

“A bank licence is still very much part of our plans. To be held to that regulatory standard would give our consumers confidence for the long haul, and would enable products that are in demand from our customers. We’re working our way through that, and it’s a key part of our plans overall.”

The multi-currency business accounts kicked off this week, with Revolut enabling users to conduct up to 75,000 AUD ($49,950) worth of foreign currency exchange per month.

The accounts come with physical and digital cards, real-time spending reports, and allow multiple users to manage them.

According to James Gibson, the general manager of Revolut Business, the firm has observed a significant amount of demand from Australian small to medium enterprises which seek greater international payment solutions. Revolut has around 100,000 business customers across Europe.

“What we hear a lot from them is that they really want a solution that allows them to do business overseas. And we have a lot of European customers who have Australian subsidiaries and vice versa, so we think we’re going to get quite a lot of traction with that,” he told The Australian.

Related: Aussie crypto exchange kicks off US expansion despite ‘regulatory risk’

The move adds to the personal accounts it already offers in Australia, which apart from providing traditional financial services and international transfers, also offer access to crypto, stock and commodity investing.

Cointelegraph reported on April 23 that Revolut had partnered with crypto tax solution providers Koinly to enable users to synchronize their transaction history with Koinly and expedite tax calculations.

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