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The fintech has been granted an Australian Credit Licence by ASIC to offer credit and personal lending products to the Australian market.
Budgeting and money exchange fintech Revolut has secured an Australian Credit Licence by the financial services commission, enabling it to offer credit and personal lending products to the Australian market.
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Revolut Australia, which officially launched in 2020, is headed up by former BOQ CFO Matt Baxby.
The Revolut app in Australia currently offers a multi-currency transaction account, automated budgeting, remittance services, a cryptocurrency and commodities exchange service, shopping rewards, a donations platform, and linked Junior accounts for children aged 6-17.
However, Mr Baxby noted that the granting of the credit licence will enable the platform to further expand its offering in the local market.
“Securing our Australian Credit Licence is an important step in our mission to create the world’s first truly global financial platform,” Matt Baxby, chief executive of Revolut Australia, commented.
“Credit products are an added way for our customers to manage their finances, and it’s an area where we see vast opportunities in the Australian market.”
The move comes as the platform builds out its product offering after receiving its Australian Financial Services Licence in April 2020 and having recently been granted permission to offer securities trading to Australian customers.
In prepartion for launching its credit products, the platform last year recruited from 86 400 and Citi for two senior additions to its local team, including a new head of lending.
Daniel Gosarevski has been tasked with supporting Revolut’s expanding product portfolio, building on his experience as head of portfolio management within the cards and consumer lending department at Citibank Australia.
He had previously held a range of senior roles with Citi, payments provider Cuscal and HSBC, where he was head of personal loans for a year.
Revolut also welcomed former 86 400 digital services lead Daniel Travini to its ranks in 2021, naming him its new head of technology.
As well as securing an ACL, the fintech recently submitted an application to become an authorised deposit-taking institution (ADI) in Australia, after having previously flagged that it was intent on becoming an Australian bank.
Revolut Australia CEO Mr Baxby told The Adviser: “Whilst progress on our ADI licence application is guided by the regulators, securing our Australian Credit Licence is a major milestone for our product roadmap as it will enable us to offer lending products such as personal loans and credit cards.
“Having a diverse set of features is crucial to our vision of building a global financial superapp, and securing our credit licence is another step for us as we build a sustainable business here in Australia.
“When we build our features, we aim to build a better experience and offer better value than what consumers are currently getting, and credit products are no exception to that.
“The legacy banks are letting Australian consumers down with their clunky experience, slow approval times and high rates. Revolut wants to challenge that. Our aim is to use a digital-first approach to create a seamless experience that’s tailored for the individual and delivers 10 times the value.”
Revolut currently offers credit products in parts of Europe and most recently opened a waitlist for personal loans in Ireland.
It is not believed that the fintech has any plans to offer mortgages at this stage.
[Related: Revolut makes APAC senior appointments]
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