Revolut mulls future bank licence
As it launches into the Australian market, the global fintech is eyeing a number of growth options in the market including “attackable margins” in the banking industry.
On Tuesday, Revolut announced its launch into the market, pledging to build Australia’s first “financial super app” with plans to roll out products like cryptocurrencies, rewards and donation funds.
Speaking to AB+F, Revolut CEO Matt Baxby (pictured), outlined a number of plans for the business.
“The banking market in Australia is one we really like,” Baxby said highlighting a key dynamic – a concentrated market which does support consumer choice.
“There are some attackable margins there that Revolut can really target.”
Baxby adds that Australia’s favourable regulatory regime has paved the way for innovative initiatives including the consumer data right and open banking and restricted bank licence which has effectively green lighted neobanks.
With its UK business’s experience in open banking and open data, all those features make Australia an attractive market.
To read more, please click on the link below…
