UK fintech Revolut launches in Australia

A European fintech that has been described by some as “the Amazon of banking” has become the latest so-called neobank to launch in Australia.

Revolut opened a beta version of its local app on Thursday, with nearly 20,000 Australians on its waiting list simply, the firm says, from word of mouth.

The company has set up its Australian headquarters in Melbourne, where it will be hiring up to 30 people by the end of the year.

It’s one of a number of fintechs seeking to disrupt Australia’s banking system and eat away at the big four’s dominance, as Revolut and rivals Monzo, Starling and Atom Bank have managed in the UK.

A change in the federal budget last year reduced barriers to new entrants following the financial services royal commission – reducing capital requirements from $50 million to $3 million – and paved the way for the increased competition.

Volt Bank, Xinja and 86 400 – all based in Sydney – are working towards a launch date, while reports say China’s WeBank is doing the same.

Xinja chief executive Eric Wilson said the neobank has 14,000 customers using a pre-pay card, and hopes to go live with banking and personal lending services within the next 12 weeks once it gets a full banking license.

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Source: UK fintech Revolut launches in Australia | The West Australian