London-based digital bank Revolut is reaching new frontiers as it launches international payments-focused business accounts for its Australian clients.
Revolut is seeking to offer clients in Australia with international payments-focused business accounts to target both retail and institutional clients. According to a report from The Australian, the neo bank is looking to expand its digital asset services to a wide range of financial services.
Revolut’s customers can trade digital currencies and access essential fiat payment services on the platform. Matt Baxby, CEO of Revolut Australia, revealed to The Australian that its primary objective is to inch its way toward becoming the primary financial app for residents.
However, Baxby remarks that obtaining a banking license from Australia’s regulators is the first step to achieving its lofty ambitions. He added that Revolut had put things in motion to obtain a banking license for The Australian Prudential Regulation Authority (APRA).
“A bank licence is still very much part of our plans. To be held to that regulatory standard would give our consumers confidence for the long haul, and would enable products that are in demand from our customers,” said Baxby.
Through the new service, users can trade up to AU$ 75,000 ($49,950) in foreign transactions each month after meeting relevant KYC and AML requirements. Revolut disclosed that the multicurrency business accounts would be issued with physical and online cards and would have the added perks of exchanging over 25 international currencies.
Revolut Business General Manager James Gibson said the increasing demand from small and medium enterprises triggered the new service.
“What we hear a lot from them is that they really want a solution that allows them to do business overseas. And we have a lot of European customers who have Australian subsidiaries and vice versa, so we think we’re going to get quite a lot of traction with that,” Gibson stated.
Rough patch for the neo bank
Revolut has been in a rough patch in recent weeks after its key investor Schroders suggested a decline in its investment value in the neo-bank. TriplePoint, another investor, previously wrote down the value of its investment in Revolut, raising eyebrows over the firm’s valuation.
Revolut has been plagued by a series of key executive exits across several jurisdictions since the start of the year. The firm’s CFO Mikko Salovaara resigned, citing personal reasons, while Director of People Matthew Maher and the U.S. general manager Yuval Rechter jumped ship after less than 18 months in their roles.
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