Revolut, a fintech company supporting cryptocurrencies, has introduced business accounts in Australia. They aim to obtain a banking license in the country while focusing on international payment services for their clients.
Revolut, headquartered in London, offers fiat payment and crypto services to clients in Europe and Australia. Their offerings include buying and selling various cryptocurrencies such as Bitcoin and access to crypto-staking in specific regions. The CEO of Revolut’s Australian unit, Matt Baxby stated their primary goal is to provide an app or platform for managing financial lives in one place, which requires obtaining a banking license.
Revolut has launched multi-currency business accounts, allowing users to exchange up to 75,000 AUD per month.
James Gibson, the general manager of Revolut Business, noted strong demand from Australian small to medium enterprises needing enhanced international payment solutions. With approximately 100,000 business customers in Europe, Revolut aims to cater to businesses seeking efficient cross-border transactions.
Revolut has received feedback from businesses expressing a strong desire for an overseas business solution. Many European customers have Australian subsidiaries, and vice versa, creating a promising opportunity for Revolut to gain significant traction in facilitating cross-border transactions. This demand reflects the need for streamlined international business operations.
Revolut has expanded its personal account offerings in Australia, providing not only traditional financial services and international transfers but also access to crypto, stock, and commodity investing. In a strategic partnership with Koinly, a crypto tax solution provider, Revolut enables users to sync their transaction history with Koinly for faster and more efficient tax calculations. This move demonstrates Revolut’s commitment to delivering comprehensive financial solutions to its customers.
Also Read: Binance Partners With Koinly For User Compliance in Australia
