Revolut has secured an unrestricted banking licence from the Australian Prudential Regulation Authority and will invest A$400mn (US$280mn) to challenge the country’s Big Four — Commonwealth Bank, National Australia Bank, Westpac and ANZ Group. The UK fintech, valued at $75bn, launched savings and credit products for Australian users on Tuesday, marking its first Asia‑Pacific licence and only the second outside the UK and Europe after Mexico.

The company already serves 1.2mn retail and business customers in Australia through foreign‑exchange and trading services. Founder Nik Storonsky called full Australian expansion a “long‑term strategic priority,” while Revolut Bank Australia CEO Matt Baxby said the firm is already profitable and starts from a stronger base than previous neobanks. Analyst Matthew Wilson of Jarden noted Revolut is “well placed” to disrupt credit and savings, citing Macquarie’s rapid growth as proof a digital high‑rate offering can win share.

Revolut also applied for a full licence in New Zealand, where the same four Australian banks dominate, describing the market as “prime ground” for growth. The fintech received a full UK licence in March and aims for a valuation of $150‑200bn in a potential stock listing no sooner than 2028.