Introduction

A UK-headquartered challengerbank Revolut has rolled out its finance management app in Australian market. The money app was already running on ‘beta’ mode in the country, meaning a phase in which products and services of a company are being improved. Currently, fintech Revolut has 30,000 Australians registered on the waitlist to use the platform. 

Revolut has been operating in beta mode for the past 9 months and has now announced to take off its training wheels in Australia in its first major market outside of Europe. The primary markets of fintech Revolut are the United Kingdom and Europe. The fintech company also has a strong presence in Singapore, Japan and the United States.

Services fintech Revolut will offer in Australia

What sets Revolut apart from its competitors is that it operates on an opt-in subscription-based model. Though users can use the app for free, selected improved features will be available to the users only if they choose to pay a monthly fee. Subscription-based fintech features and schemes are common in the United States and Europe. However, such services will be something new in the Australian market. 

Revolut will be offering services like cryptocurrency trading, trading of other commodities, a reward program for purchases made using the app and ‘Junior accounts’ for teenagers. The money app will also allow its users to hold 27 other major fiats including the US Dollar, Australian Dollar, New Zealand Dollar, Euro and British Pound.

Revolut Australia CEO, Matt Baxby said in a statement that most Australians, and indeed young Aussies, manage the lion’s share of their life via their phones and now the fintech believes it should be no different for their finance management, whether the task is as simple as splitting bills, budgeting or something complex like buying commodities or cryptocurrencies.

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Future plans of the Unicorn company Revolut

By the end of this year, Revolut plans to regularly roll out new features. Mr. Baxby says being a part of an international unicorn means many of those features are already built and part of the job as the local team is to localize them for Australians. Among the various useful features will be the ability to trade and hold silver and gold. The currency cloud Revolut also plans to dedicate on teaching young people about better financial habits.

Revolut has already obtained the Australian Financial Services License in April this year and now looks forward to obtaining a full-fledged banking license. In the long term, fintech Revolut aims to officially become a neobank in Australia and compete with local startups like Volt, Xinja and 86 400.

The company’s view of the Australian fintech market is that competition is concentrated with only a few major banks and as a result, customer choice isn’t particularly widespread, says Baxby. There is potential for customers’ needs to be met in a better way with Revolut offering deposit and credit products in the future.

Conclusion

Revolt’s expansion into the Australian market marks an exciting step for the UK-based challenger bank, which is looking to offer a more flexible and digital approach to personal finance management. With its wide range of services such as cryptocurrency trading, commodities, multi-currency accounts, and teen accounts, Revolut provides a fresh alternative to traditional banking services in Australia. The subscription-based model introduces a new option for Australian users, offering premium features for those who opt in. As Revolut continues to localize its offerings, it aims to become a significant player in Australia’s fintech industry and potentially evolve into a neobank, giving local consumers more financial choices. For more updates and latest tech news, keep reading iTMunch

FAQs

1. What is Revolut?
Revolut is a UK-based fintech company that provides a finance management app, offering services like cryptocurrency trading, multi-currency accounts, budgeting tools, and more. It has recently launched its services in Australia after being in a beta phase for 9 months.

2. What services will Revolut offer in Australia?
Revolut offers services like cryptocurrency trading, commodity trading, rewards programs, Junior accounts for teenagers, and the ability to hold multiple currencies (including USD, AUD, Euro, and more).

3. How does Revolut make money?
Revolut operates on an opt-in subscription model. While users can access basic features for free, they can subscribe to a monthly plan for access to premium features like higher transaction limits, better customer service, and extra tools.

4. What is the future plan of Revolut in Australia?
Revolut plans to roll out new features, including the ability to trade and hold silver and gold. The company also aims to become a fully-fledged neobank in Australia, competing with local digital banks and providing more customer choices in the future.

5. Can I trade cryptocurrencies with Revolut?
Yes! Revolut offers cryptocurrency trading as one of its core features, allowing users to buy and sell digital currencies directly through the app.

6. Does Revolut offer accounts for teenagers?
Yes, Revolut has a “Junior Account” feature designed for teenagers, allowing them to manage their own finances while being supervised by a parent or guardian.

7. Is Revolut free to use?
Revolut offers a free version of its app, but users can opt for a paid subscription to access premium features and additional benefits.