Revolut has been granted an independent Authorised Deposit-taking Institution (ADI) licence by the Australian Prudential Regulation Authority (APRA), marking its official launch as a licensed bank in Australia and its first banking entity in the APAC region.

The London-headquartered firm, which has more than 75 million customers worldwide – including a million retail customers and thousands of businesses in Australia – is the first global FinTech to secure a full unrestricted ADI licence.

The regulatory milestone is backed by Revolut’s commitment to invest nearly AUD$400 million into the local market over the next five years.

The expansion adds Australia to Revolut’s established fully licensed banking footprint across the UK, EEA and Mexico.