Revolut Expands Business in Australia

May 18, 2023

온라인 슬롯 사이트

Crypto-friendly fintech giant Revolut is extending its reach in Australia by launching international payments-focused business accounts, while also reportedly working towards securing a banking license in the country. This move by the London-based firm is expected to boost consumer confidence and bring a range of fiat payment and crypto services under one roof for its Australian clients.

All-in-One Financial Solution

Revolut, already popular in Europe and Australia for its fiat , also offers various crypto services such as buying, selling, and trading of digital assets like Bitcoin, Ripple, and Ether. In select regions, Revolut even provides access to crypto-staking services. The aim, as stated by Matt Baxby, the CEO of Revolut’s Australian unit, is to create a platform where users can manage all their financial activities in one place, and obtaining a banking license is a significant step towards that goal.

Baxby , “A bank license 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.”

Revolut launches Revolut Business in while casing a banking licence which is "a key part of plans".
"Australian SMEs have been largely under-served when it comes to FX and anything international,” James Gibson Head of told .

— Max Karpis (@maxkarpis)

Catering to Australian Businesses

This week, Revolut launched its multi-currency business accounts, allowing users to conduct foreign currency exchanges worth up to 75,000 AUD ($49,950) per month. These accounts come with physical and digital cards, real-time spending reports, and multi-user management capabilities. James Gibson, the general manager of Revolut Business, stated that the company has identified a significant demand from Australian small-to-medium enterprises (SMEs) for better international payment solutions.

Gibson elaborated, “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.” This expansion in Australia will build upon Revolut’s existing personal accounts that offer traditional financial services, international transfers, and access to crypto, stock, and commodity investing.

Expediting Tax Calculations with Koinly

Revolut’s commitment to enhancing user experience is further exemplified by its recent partnership with Koinly, a crypto tax solution provider. As reported by Cointelegraph on April 23, the collaboration allows Revolut users to synchronize their transaction history with Koinly to expedite tax calculations.

Conclusion

The launch of business accounts and the pursuit of a banking license in Australia demonstrate Revolut’s dedication to providing a comprehensive financial solution for its clients. The company’s focus on regulatory compliance and innovation has the potential to transform the financial services landscape in Australia, offering users more convenience and confidence in managing their diverse financial needs, including crypto-related services.

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Micky Gene
I am a crypto expert, blockchain analyst. I am diving deep in digital world for finding the most promising projects, looking for a better future. Being from a Finance background, I efficiently write Price Analysis. Apart from writing, I am playing football.