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Friday, June 05, 2020

News > Fintech

Revolut launches beta in Australia

Theo Osborn | 12:15 Thursday 13th June 2019

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.”

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