Revolut has opened its public beta to Australian customers, starting with a roll-out to the 20,000 people on its waiting list.
The London-based fintech will gradually onboard a select number of customers on a daily basis, with all new customers being placed on a temporary waiting list.
Will Mahon-Heap, APAC expansion manager at Revolut (pictured above), said: “The most important focus is for us to take a measured approach.
“We are initially launching in Australia with a market-leading product in the areas of foreign exchange and money management, but we’ll look to expand our core offering in the future to include business accounts, cryptocurrency exchange, commission-free stock trading and metal cards.”
Revolut customers in the UK, Europe and Australia will be able to send and receive money for free, providing both parties are Revolut customers.
“Sending money between the UK, Europe and Australia has traditionally been costly and time-consuming, with transfers taking up to three business days to arrive.
“Making them instant and free between Revolut customers is a huge step towards us tearing down financial borders and will keep money in the pockets of our customers,” added Will.
Melbourne has been selected as the location for Revolut’s Australian HQ, but it will also look to build smaller teams in other cities, including Sydney and Perth, and hire up to 30 people in the country.
Nik Storonsky, founder and CEO at Revolut, added: “Our mission has always been to build a global financial platform and launching our public beta in Australia marks the first step in our journey.
“Over the last four years, we’ve built a product that has helped to improve the financial wellbeing of more than five million people in the UK and Europe, and we’re incredibly excited to begin doing the same in Australia.”
SIGN UP TO OUR NEWSLETTER TO RECEIVE MORE NEWS LIKE THIS STORY
N26 officially launches in the US
N26 has officially launched in the USA after completing its two-month beta program...
An interview with Ed Siegel: Savers want ‘reassurance’ that their money is used to support positive social change
In an interview with Specialist Banking, Ed Siegel, chief executive at Charity Bank (pictured above), talks about the rising demand for ethical finance, and improving awareness of this particular sector...
Landlord confidence reaches seven-year low
Only 29% of landlords have positive expectations for their letting business over the next three months, according to recent research...
Shawbrook grows structured finance team
Shawbrook Bank has appointed Brook Kalkhoven (pictured above) as an associate director to its structured finance team...
OakNorth expands with new Manchester office
OakNorth has moved into a new office in Manchester at Ship Canal House...
What is a link mortgage?
Assume you have a high-net-worth (HNW) client who finds a new property they want to purchase before they have sold their main residence — what solution would you choose...
Shawbrook names new relationship director for London
Shawbrook Bank has appointed Adam Agius (pictured above) as its new relationship director for the London, Thames Valley and South region...
Wyelands Bank launches asset finance offering for renewables sector
Wyelands Bank has appointed Mark Turrell (pictured above) to its asset finance team as it launches its newly created offering for the renewables sector...
Leek United reveals mortgage rate reductions
Leek United has revealed rate reductions for two of its most popular mortgages...
Gravity selects Finastra to power banking and lending services
Gravity has selected Finastra’s Fusion Essence in the cloud solution for its end-to-end core banking capabilities...
An interview with Paul Stockwell: Islamic finance has ‘enormous opportunity’ for growth over coming years
In an interview with Specialist Banking, Paul Stockwell, chief commercial officer at Gatehouse Bank (pictured above), discusses increasing awareness of Islamic finance and opportunities in the banking world...