Thursday 13 June 2019 6:00 am

Revolut goes Down Under as it launches accounts in Australia

Digital bank Revolut will today launch its first accounts in Australia, as it embarks on a public testing period in the region.

The startup said it will be opening its waiting list in the country today, which has so far amassed around 20,000 sign-ups.

Revolut has opened a regional headquarters in Melbourne to manage the rollout, but said it will seek to open additional spaces in Sydney and Perth as it ramps up hiring in tandem with expansion.

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It added it will hire up to 30 skilled roles, as well as “invest millions in the Australian economy”.

Users in Australia will initially only be able to access the banking app’s prepaid card, foreign exchange and money management tools.

Regional head Will Mahon-Heap said the startup will offer additional services such as cryptocurrency, business accounts, commission-free stock trading and its premium metal product in due course.

“The most important focus is for us to take a measured approach,” said Mahon-Heap.

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“In addition to creating up to 30 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.”

Nik Storonsky, founder and chief executive of Revolut, added: “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 5m people in the UK and Europe, and we’re incredibly excited to begin doing the same in Australia.”

The expansion follows a difficult time for Revolut, after it faced increased regulatory scrutiny in the wake of reports about a waylaid £70,000 customer payment and the temporary suspension of one of its sanctions screenings systems.