In Australia, Revolut has successfully established its first banking entity following the receipt of regulatory approval. This significant milestone adds Australia to Revolut's existing banking footprint, which includes the UK, Mexico, and the European Economic Area. The company aims to compete with major Australian banks such as Commonwealth Bank, National Australia Bank, Westpac, and ANZ Group, leveraging its existing retail customer base of over one million in the country. This move is part of Revolut's broader strategy to become the world's first truly global bank.
The approval in Australia is a part of Revolut's ongoing expansion efforts, which have also seen the company secure regulatory approvals in Peru and the United Arab Emirates. Additionally, Revolut has applied for a banking license in the United States, indicating its ambition to grow its presence in key international markets. The company has committed nearly A$400 million to invest in Australia over the next five years, focusing on growth and workforce development.
Nik Storonsky, the founder and CEO of Revolut, emphasized that launching the Australian bank has been a long-term strategic priority for the company. He noted that securing a banking license in such a highly regulated and competitive market is a testament to Revolut's business model and the capabilities of its teams. Matt Baxby, the CEO of Revolut Bank Australia, expressed that this launch will enable the company to expand its product offerings, including savings and credit services, alongside the innovative solutions that customers currently rely on.
Revolut's recent financial performance has been strong, reporting its fifth consecutive year of net profitability with gross revenues increasing by 46% to $6 billion in 2025, up from $4 billion the previous year. The company is reportedly preparing for a public offering around 2028, with a projected valuation between $150 billion and $200 billion. Furthermore, Revolut is exploring new formats for customer engagement, including plans to pilot a physical store in Barcelona, reflecting its commitment to adapting to modern consumer behaviors.
