Fintech Firm Revolut Launches In Australia, Marks First Outing Outside Europe
The fast-growing fintech firm Revolut launched its application in Australia, marking their first steps outside Europe. The Revolut's Australian headquarters will be located in Melbourne while it plans to expand to Sydney and Perth in the coming future.
The firm also said that they have around 20,000 Australian customers lined up on the waiting list, who will shortly get to avail the services, while the new customers have to wait a little longer.
Revolut was founded back in 2015 and seen quite a rapid growth in just 4 years, boasting a customer base of 5 million. Revolut is a digital banking service which avails real-time exchange rates for exchange services. This feature has got them huge popularity among the users, and they have added many new features such as crypto trading as well as business accounts.
The spokesperson from the firm revealed that the newly added features won't be currently available in Australia as they are taking a measured approach. The Revolut would run its Australian services from Melbourne for the time and build smaller teams in Sydney and Perth later.
Mahon-Heap, Revolut’s expansion manager for the Asia-Pacific region said,
“Sending money between the U.K., 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.”
A Background of One of the Fastest Growing Fintech Firm
Revolut's main headquarter is based in London and started back in 2015. Since then it has amassed $336 million in fundings and currently valued at $1.7 billion. The fintech firm is challenging the well-established banking sector with its modern approach and facilities such as real-time foreign exchange rates.
Revolut secured its European banking license later last year and currently has the license to operate in Japan and Singapore as well. Apart from that it also has an e-money license in Europe which is issued by the Australian regulatory body.
The firm has partnered with a domestic bank in Australia but declined to comment on the name or any specifics of the deal. The firm has been quite popular with an online presence and user application but people have concerns over its compliance.
Revolut received quite a negative media coverage earlier this year where it was reported that the workplace culture at Revolut is not really great and there has been a string of hiring in recent times. Another report suggested that a technical malfunction in the system led to the passing of illegal transactions.
The company's CEO admitted that they need to put in more efforts towards bringing healthy work culture, but did not entertain the compliance criticism and claimed that they have all the regulatory go ahead.