Head of Specialised Portfolio

Revolut lands full Australian banking licence, the first global fintech to do so, marking its first banking entity in APAC. July 21, 2026 * Revolut Bank Australia has secured a full, unrestricted ADI licence from APRA, making it the first global fintech to achieve this in the country. * Revolut plans to invest almost AU$400 million ($280 million) over 5 years to move 1.2 million Australian customers to a regulated bank and compete with the Big Four banks. * New customers will get a 3% savings rate, which is higher than Commonwealth Bank's 2.15% transaction rate. Revolut is adding more competition to established banks, which are already facing challenges from Macquarie. Six years after launching in Australia with a multi-currency debit card, Revolut received a full Authorised Deposit-taking Institution licence from the Australian Prudential Regulation Authority. This is the first time a global fintech has received an unrestricted ADI in Australia and marks Revolut's first banking entity in the Asia-Pacific region. Revolut was founded in 2015 by Nik Storonsky and Vlad Yatsenko. Today, it serves more than 75 million customers worldwide and is a licensed bank in the United Kingdom, the EEA, and Mexico. The company reportedly considered a secondary share sale at a $115 billion valuation in June, after getting its UK banking licence in March and filing for a US national bank charter. The Australian approval adds a fourth market to its regulatory expansion. In fiscal 2025, Revolut's global revenue rose 46% to $6 billion. The Australian division now operates as Revolut Bank Australia, led by chief executive Matt Baxby. Transition from FX app to full-service bank. Since 2020, Revolut's Australian business has worked under an Australian Financial Services Licence and Credit Licence, focusing on foreign exchange, a multi-currency card, and trading. Now, with ADI status, Revolut can accept deposits and offer savings accounts, credit cards, and loans. Balances are protected up to 250,000 Australian dollars under the Financial Claims Scheme. Customers can use the app as their main bank account. Storonsky says, "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. Securing this licence in a market as highly regulated and competitive as Australia is a testament to our business model and our teams." Baxby asds, "Becoming a bank in Australia marks a defining moment in our journey, achieved through a relentless focus on delivering a better financial experience for Australians. 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. Our mission remains simple: to build the most seamless, secure, and customer-first banking experience for Australian consumers and businesses." Entering a traditionally stable market. With this licence, Revolut now competes directly with Commonwealth Bank, NAB, ANZ, and Westpac, in a market where few new players have succeeded. Commonwealth Bank's standard transaction account offers about 2.15% interest, while Revolut's initial savings rate for new customers is 3%. CBA's conditional saver product can reach about 5%. The Big Four are also facing competition from Macquarie, which is growing its retail transaction and mortgage products. Revolut is now the second major disruptor in the market. Local competitors include Judo Bank, Up, Alex Bank, and Volt Bank's successors, but none match Revolut's global balance sheet or brand recognition. The Australian neobanking sector remains small compared to the broader economy. Revolut plans to invest AU$400 million, which is about $280 million, in Australia over five years, supporting hiring and product development. The team has grown from just a few staff in Melbourne in 2019 to over 100, with plans to expand into cities like Sydney and Perth. Transaction volumes have gone up 235% in the past year, and the customer base is now over 1.2 million, up from just over one million when the ADI application was announced in February 2026. The company also plans to invest $13 billion over five years to enter more than 30 new markets and reach 100 million customers worldwide. While Revolut has attracted customers for foreign exchange and trading, it still faces challenges in gaining trust for salary accounts. Australia's Big Four banks have kept their lead over digital challengers in this area.

KPMG CEO resigns amid allegations, markets react. Australian financial markets saw a positive lift today, with the ASX climbing one per cent, buoyed by hopes of a tentative US-Iran deal that could see the reopening of the crucial Strait of Hormuz waterway. This broader market optimism unfolded as several significant corporate and industry developments made headlines. Chief among these was the resignation of KPMG Australia CEO Andrew Yates, following a series of whistleblower allegations related to the firm's repeated failure to address wide-ranging claims of client data misuse. Yates's departure is not the only one stemming from the ongoing internal scrutiny at the professional services giant. In other notable corporate news, property investment firm Dexus was unsuccessful in its bid to prevent the forced sale of its substantial $4.5 billion stake in Melbourne Airport. The attempt to halt the transaction came after fellow shareholders alleged Dexus had breached an existing investor agreement. Meanwhile, Judo Bank shares soared following a successful $750 million funding round, while education services provider IDP Education saw its stock decline after a cut by Macquarie. Insurer IAG also announced a settlement for part of its Greensill lawsuit, and investment firm BGH Capital is reportedly circling Tourism Holdings. Beyond individual company movements, the technology sector garnered attention with AI firm Anthropic, creators of the Claude model, reportedly nearing a $1 trillion valuation. This comes after a recent funding round that is expected to nearly treble the start-up's value, positioning it as one of the most valuable AI laboratories globally. Closer to home, Australian retail investors are increasingly breaking into exclusive Wall Street deals, signalling their growing influence in capital markets. Additionally, the Australian Labor government has indicated a narrowed focus for consultations on proposed Capital Gains Tax (CGT) changes, prioritising start-ups after initial warnings of limited concessions.