Revolut Goes Live in Australia, Opens Melbourne Office

Challenger bank Revolut launched its Beta version in Australia this Thursday.

The London-based firm released a statement saying that 20,000 Aussies, who had signed up to a waiting list for the application, will now be granted access to it. Over the coming weeks, the company said it would be accepting more people on to its platform.

Although Revolut has been granted a banking license in Europe, it will not be operating as a bank in Australia. Until it gets the requisite licensing, the firm said that it would be operating as an electric money institution in the Land Down Under.

"We want to get off on the right foot here, which is why we’re taking our time to roll out gradually, to make sure that all of our Australian customers feel supported, and that they have the best possible experience," said Grace Stuart, a business development analyst at Revolut. "We’re in this for the long haul, after all."

Heading to Melbourne

To provide its services in Australia, Revolut is also going to be opening a new office in Melbourne. The challenger bank said in its statement that it chose the hipster-ridden city because it "is a centre for Fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term innovation and talent."

Thirty people are going to be hired to work in that office, and Revolut is likely to invest several million dollars in its new base of operations to make sure it succeeds.

Launching in a new jurisdiction is a positive move for the challenger bank after a tough few months. Compliance Compliance In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a Read this Term failings and alleged ties to the Russian government have been used as a cosh by many in the financial media to bash the nascent bank, which has seen a meteoric rise since its founding in early 2014.