UK Fintech Revolut, Expands Operations to Australia

Christopher Zenios03/07/20191min
The company was formed in 2015 and currently has five million customers due to the popularity of its foreign exchange rate. In later years the app has rolled out a series of other features including business accounts and trading for cryptocurrency. Following the success and popularity in Europe, the company has now launched the app in Australia after high demand and more than 20,000 Australians signed up on a waiting list. Revolut will slowly sign up those on the waiting list with new customers having to wait a little longer.

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.

Christopher Zenios

Christopher has always been a pioneer, a first adopter when it comes to technological advancements. Over the years, his expertise surrounded the real estate and digital markets and their evolution in today's society. After being the editor to various professional business news portals and blogs, he was selected to become the chief editor for HWC. Contact Christopher at +357-22029786 ext: 6110 or by email at [email protected] for editorial related questions.

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