Crypto-friendly fintech firm Revolut has recently introduced international payments-focused business accounts for clients in Australia, while also working diligently to secure a banking license in the region. The London-based company provides a variety of fiat payment services for clients throughout Europe and Australia, including the buying and selling of various crypto assets, such as Bitcoin (BTC), Ripple (XRP), and Ether (ETH). In specific areas, Revolut also offers crypto-staking services.
The CEO of Revolut’s Australian unit, Matt Baxby, declared on May 17 that the primary goal is to create a platform where “people can manage their entire financial lives in one place” with a banking license playing a crucial role in making that happen. Baxby explained, “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. We’re working our way through that, and it’s a key part of our plans overall.”
These business accounts were launched this week, offering multi-currency accounts that allow users to conduct up to 75,000 AUD ($49,950) worth of foreign currency exchange per month. The accounts feature physical and digital cards, real-time spending reports, and permit multiple users to manage them.
James Gibson, the general manager of Revolut Business, noted a significant amount of demand from Australian small to medium enterprises seeking improved international payment solutions. With approximately 100,000 business customers across Europe, Gibson said, “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.”
In addition to its new business accounts, Revolut already offers personal accounts in Australia, providing not only traditional financial services and international transfers but also access to crypto, stock, and commodity investing. On April 23, Cointelegraph reported that Revolut had partnered with crypto tax solution providers Koinly, enabling users to synchronize their transaction history with Koinly for expedited tax calculations.
As Revolut continues to expand its services and work towards obtaining a banking license in Australia, the firm’s commitment to providing a comprehensive financial platform for various markets seems to be paying off. However, it remains to be seen how traditional
Source: Cointelegraph
