Revolut secures Australian banking licence

Revolut has officially secured a full banking license in Australia. This is a major shift for the fintech giant. It moves them from being a digital wallet and payment app to a fully regulated bank. For retailers and service providers, this means Revolut will soon launch its own credit and lending products in the Australian market. They will no longer have to rely on third-party partners to provide financing options. This move signals increased competition in the consumer credit space. Revolut already has a massive user base. Now, they can offer seamless Buy Now, Pay Later (BNPL) services and personal loans directly through their app. If you are a merchant who has Australian customers or plans to expand there, keep an eye on Revolut’s merchant ecosystem. Their ability to hold deposits means they can offer more competitive rates and faster settlement times than non-bank lenders. They are positioning themselves to be a one-stop shop for both the consumer's wallet and the retailer's checkout counter. Expect them to leverage their data to offer highly personalized financing offers to shoppers at the point of sale.

Source: Finextra — Lending

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