Challenger bank Revolut launched its Beta version in Australia this Thursday.
The London-based firm released a statement saying that 20,000 Aussies, who had signed up to a waiting list for the application, will now be granted access to it. Over the coming weeks, the company said it would be accepting more people on to its platform.
Although Revolut has been granted a banking license in Europe, it will not be operating as a bank in Australia. Until it gets the requisite licensing, the firm said that it would be operating as an electric money institution in the Land Down Under.
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“We want to get off on the right foot here, which is why we’re taking our time to roll out gradually, to make sure that all of our Australian customers feel supported, and that they have the best possible experience,” said Grace Stuart, a business development analyst at Revolut. “We’re in this for the long haul, after all.”
Heading to Melbourne
To provide its services in Australia, Revolut is also going to be opening a new office in Melbourne. The challenger bank said in its statement that it chose the hipster-ridden city because it “is a centre for FinTech innovation and talent.”
Thirty people are going to be hired to work in that office, and Revolut is likely to invest several million dollars in its new base of operations to make sure it succeeds.
Launching in a new jurisdiction is a positive move for the challenger bank after a tough few months. Compliance failings and alleged ties to the Russian government have been used as a cosh by many in the financial media to bash the nascent bank, which has seen a meteoric rise since its founding in early 2014.