Revolut, a London-based digital bank, is breaking new ground by launching international payments-focused business accounts for its Australian clients.
Revolut intends to provide international payments-focused business accounts to Australian clients in order to serve both retail and institutional clients.
According to The Australian, the neo bank is trying to broaden its digital asset services to include a variety of financial services.
Customers of Revolut can use the platform to exchange digital currencies and access vital fiat payment services. Revolut Australia CEO Matt Baxby told The Australian that the company’s primary goal is to become the primary financial app for residents.
But, according to Baxby, acquiring a banking licence from Australia’s regulators is the first step towards the company’s grandiose goals. He also stated that Revolut had begun the process of obtaining a banking licence from The Australian Prudential Regulation Authority (APRA).
After completing appropriate KYC and AML criteria, users can trade up to AU$ 75,000 ($49,950) in overseas transactions per month using the new service. Revolut revealed that the multicurrency corporate accounts would be issued with physical and online cards, as well as the ability to exchange more than 25 international currencies.
According to Revolut Business General Manager James Gibson, the new service was prompted by increased demand from small and medium-sized businesses.
