The company wishes to take a “measured approach” on the release of the app in Australia according to Will Mahon-Heap, Revolut’s expansion manager. The company will first release a beta version in Australia which will see a delay on features such as crypto exchanges, business accounts and metal payments, however, users will have full access to open accounts and sending/receiving money.
“tearing down financial borders”
Will Mahon-Heap commented further stating “Sending money between the U.K., Europe and Australia has traditionally been costly and time-consuming, with transfers taking up to three business days to arrive”
“Making them instant and free between Revolut customers is a huge step towards us tearing down financial borders and will keep money in the pockets of our customers.”
The Revolut headquarters are based in London with the company valued at $1.7 billion. The offices for the Australian branch are now located in Melbourne with the company planning on hiring up to 30 people at the end of the year, setting up smaller teams in Sydney and Perth.