UK banking app Revolut seeks Australian banking licence

British-based digital banking app Revolut is seeking a banking licence in Australia and is engaged in talks with the country’s regulator to be allowed to take customer deposits, country head Matt Baxby said on Friday.

Revolut, one of the most valuable fintech so-called unicorns worldwide, last year obtained a financial licence for its subsidiary in Australia and is registered with the anti-money-laundering agency as digital exchange, the company said.

“Our mission is to directly challenge the incumbent banks that … offer a suboptimal user experience, and their business models are really quite reliant on customer apathy,” Baxby told a parliamentary committee.

“We’ve engaged with APRA (Australian Prudential Regulation Authority) and are intent on filing an application to become an Aussie bank.”

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Source: UK banking app Revolut seeks Australian banking licence | Reuters