Revolut, a UK-headquartered challenger bank, has launched its money app in the Australia market, allowing its users to manage their financials using a single app.
The money app was already running on beta in Australia, and 30,000 Australians registered for the waiting list on the platform. Revolut has 12 million customers worldwide with its primary market coming from the United Kingdom and Europe.
Furthermore, the Fintech company has a presence in the United States, Singapore, and Japan.
In Australia, Revolut will offer a range of services, including trading of Cryptocurrencies and other commodities; a rewards-program for purchases using the app; and also Junior accounts for teenagers.
Apart from the Australian dollar, the platform will also allow its users to hold 27 other major fiats, including the New Zealand dollar, US dollar, British pound, and euro. The company also assured the addition of other financial services in the future.
Though subscription-based schemes and features are common in the US and Europe, such services are new to the Australian market.
“Most Aussies, and indeed most young Australians, manage the lion’s share of their life through their mobile phones now, and we believe it should be no different for managing their finances - whether it’s something as simple as budgeting and splitting bills, or something more complex such as purchasing cryptocurrencies or commodities,” Matt Baxby, Revolut Australia CEO, said in a statement.
Expansion Before Profits
Yesterday, Finance Magnates reported on the financials of the startup, highlighting its growing losses of the startup to £270 million in 2019. That is triple the losses from the previous year. But the revenue of the platforms in the same period also surged by 179.5 percent to £162.7 million.
“Our view of the market is that competition is obviously concentrated with a few major banks and as a result consumer choice hasn’t been particularly widespread,” Baxby added. “But there’s potential for our customers needs to be better met by Revolut offering credit and deposit products in the future.”
