Australia officially has a new bank. Last week, the Australian Prudential Regulation Authority granted Revolut Australia a full banking licence. This means it can now accept deposits as an Australian bank, offer eligible deposit products protected under the Financial Claims Scheme, and expand its savings and lending services.
This new entrant isn’t a fledgling startup. Before being granted a full banking licence, Revolut Australia already had more than one million customers for its digital payments app.
