Nik Storonsky, Founder & CEO of Revolut

London-based Revolut which provides digital alternatives to traditional bank has announced the launch of Public Beta in Australia, starting with the ones on the 20,000 waitlist.

The product will allow Australian customers to seamlessly allow transfer money transfer between the UK, Europe and Australia for free. Barring the current areas of focus of foreign exchange and money management, Revolut will also look to diversify its offerings to include business accounts, cryptocurrency exchange, commission-free stock trading and metal cards, according to Will Mahon-Heap, APAC Expansion Manager at Revolut.

“In addition to creating up to thirty high skilled jobs in Australia by the end of the year, we’ll also be investing millions of Dollars into the Australian economy as we look to expand our core products and services over time,” added Mahon-Heap.

Revolut has chosen Melbourne as the location for its Australian headquarters, identifying the city as a centre of excellence for FinTech innovation and talent. However, the company will look to big smaller teams in other cities, including Sydney and Perth.

“Our mission has always been to build a global financial platform, and launching our public beta in Australia marks the first step in our journey. Over the last four years, we’ve built a product that has helped to improve the financial well-being of more than five million people in the UK and Europe, and we’re incredibly excited to begin doing the same in Australia,” said Nik Storonsky, Founder & CEO of Revolut.

by Megha Bhattacharya
Market Analyst at IBS Intelligence
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