Revolut ramps up offensive in Australia and India

Revolut has ramped up its global offensive, securing an Australian credit licence and snapping up an Indian foreign exchange business.

The fintech has been granted an Australian Credit Licence by ASIC (Australian Securities & Investments Commission) to offer credit and personal lending products to the Australian market. 

Revolut, which has over 100,000 customers in Australia, currently offers credit products in markets across Europe.

Revolut, which launched in Australia in August 2020, had previously been given the green light to offer securities trading to Australian customers.

It has also applied to become an authorised deposit-taking institution (ADI) in Australia, as it bolsters its position in the Australian market.

“Securing our Australian Credit Licence is an important step in our mission to create the world’s first truly global financial platform,” said Matt Baxby, CEO of Revolut Australia. 

“Credit products are an added way for our customers to manage their finances, and it’s an area where we see vast opportunities in the Australian market.

“The legacy banks are letting Australian consumers down with their clunky experience, slow approval times and high rates.”

Separately, Revolut has acquired Indian foreign exchange firm Arvog Forex, as part of its plans to grab market share in the country.

Arvog, which has around 15,000 customers, provides services including currency exchange, cross-border remittances and multi-currency cards. 

Revolut entered the Indian market in April 2021, where it plans to launch bespoke financial products, many of which would be new to the country, 

Paroma Chatterjee, CEO Revolut India said: “This is the first step towards our aspiration to usher in a digital financial revolution in India. 

“Our significant investment plans, this acquisition and the quality of the team we are putting together reflect our intention to rapidly roll out these innovative products and services. 

“India is a key region in our global expansion plan and this acquisition is testament to the rapid strides we want to make here. It is an incredible time to be a fintech company in India and we plan to make the best of this opportunity.”