Revolut reached 1 million retail customers in Australia, a milestone that puts the UK fintech on par with locally-backed digital banks Up and Ubank in a market where customer loyalty tends to shift quickly.
The company, which launched full operations in Australia in August 2020 with three employees, now has more than 100 staff nationwide and plans to invest nearly $400 million into its Australian business over the next five years. Revolut operates under an Australian Financial Services Licence and Australian Credit Licence, both issued by the Australian Securities and Investments Commission.
Revolut said it saved Australians over $250 million in foreign exchange fees since entering the market, based on comparisons with major bank pricing. The company declined to provide details on its methodology for calculating the savings figure.
Domestic Spending Overtakes Travel Use
The fintech has shifted from its original pitch as a travel card and currency exchange tool to a broader financial app covering payments, investing, budgeting and insurance. Revolut said customers now use the app more for domestic spending than overseas travel, though it did not disclose specific transaction breakdowns.
Since 2022, Revolut's Australian customer base has grown at an average annual rate of nearly 100%, according to the company. Transaction volumes jumped 74% year-over-year in 2024, while adoption of its paid Premium and Metal subscription plans increased.
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"We're incredibly proud of everything we've achieved in Australia. The fact we've saved Australians $250million in FX fees proves our commitment to delivering them the highest value and experience," said Matt Baxby, CEO of Revolut Australia.
"We've come a long way since our launch in 2020, but our mission has stayed the same: to put Australians in complete control of their finances and become their everyday tool to spend, save, borrow and invest."
Crowded Field Gets More Competitive
Revolut's milestone comes as digital banks face intensifying competition in Australia. Up Bank hit 1 million customers in November 2024, while Ubank, the digital arm of National Australia Bank, reached the same mark weeks earlier. Both banks are backed by established financial groups with deeper pockets and local regulatory experience.
The Australian neobanking sector is valued at roughly $25 billion and expected to grow at about 8% annually through 2034, according to market research firms. eToro dominates the country's CFD trading market, where trader retention rarely lasts beyond a year, according to recent ASIC data.
Revolut has added dozens of products since entering Australia, including cryptocurrency and stock trading in 2021, business accounts in 2023, and eSIMs in 2024. This year, it launched what it calls Australia's first combined in-person, account-to-account and online merchant payment platform for businesses.
Regulatory History Includes Recent Fine
The company's Australian expansion hasn't been entirely smooth. Last year, AUSTRAC fined Revolut Australia $123,000 for late compliance reporting, though the financial intelligence agency noted Revolut was cooperative and promptly paid the penalty.
Revolut sought a full banking license in Australia in 2023, applying to become an authorized deposit-taking institution. The application remains pending with ASIC. The fintech has pursued banking licenses in multiple markets, including Peru and the United States, where it recently dropped plans to acquire an existing lender.
Charlie Short, Head of Growth at Revolut Australia, said the company plans to increase marketing spending and maintain aggressive product development this year. "1 million customers is not the end goal, it's the proof point," Short said.
"Starting 2026 as one of the country's top financial apps, we've already built real momentum in the market. This year will see us double down on marketing investment and remain aggressive with product delivery, pushing us into our biggest year yet."
Revolut now operates in over 40 markets globally with more than 70 million customers. The company recently reached 6 million users in Spain, becoming that country's fourth-largest bank by customer penetration.
