APRA grants ADI licence to Revolut

APRA granted Revolut Payments Australia Pty Ltd a licence to operate as an authorised deposit-taking institution under the Banking Act 1959, with the authority commencing on 21 July 2026, and concurrently licensed Revolut Australia NOHC Pty Ltd as a non-operating holding company under the same Act. Revolut has described the licence as unrestricted, meaning it was granted directly rather than through the restricted ADI licensing pathway that allows newer entrants to operate with limitations before progressing to a full licence.

Revolut said the licence makes it the first global fintech to secure a full, independent ADI licence in Australia and marks its first banking entity in the Asia-Pacific region, following existing banking licences in the United Kingdom, the European Economic Area and Mexico. The company has operated in Australia for a number of years as a non-bank financial services provider prior to receiving the licence, and reported having more than 1 million retail customers in Australia at the time of the announcement. Revolut stated it intends to invest close to 400 million Australian dollars in the local market over five years across product development, growth and its local workforce as part of its transition to operating as Revolut Bank Australia.

An authorised deposit-taking institution licence allows an entity to accept deposits from the public and conduct banking business in Australia subject to APRA's prudential framework, including capital, liquidity and risk management requirements applicable to licensed banks. The grant is a data point for other fintech and payment businesses considering the pathway from restricted or non-bank operation toward full banking authorisation, illustrating that APRA will grant an unrestricted licence to an overseas-headquartered fintech meeting its prudential requirements.