Revolut has been granted an unrestricted authorised deposit-taking institution (ADI) licence by Australia’s prudential regulator, APRA, allowing Revolut Bank Australia to operate deposits and broadening its product reach in a fiercely competitive market. The launch follows previous steps where Revolut already served more than a million Australian customers and will be backed by a near-AUD 400 million investment over five years to expand savings, deposits, and lending products. The new bank immediately offers instant-access savings accounts guaranteed by the Financial Claims Scheme and a no-annual-fee credit card, with rates up to 5.05% for savings and credit limits up to AUD 35,000 for the card. Customers will be migrated automatically from the existing Revolut accounts to the new bank entity, enabling direct deposit-taking and regulated governance under APRA standards. The move is positioned to disrupt Australia’s established banks by leveraging Revolut’s scale, regulatory footing, and cross-border experience in markets like the UK and Ireland. By combining its multi-currency services, everyday banking, and a growing product suite, Revolut aims to deepen its footprint in Australia’s financial services landscape.