Revolut Expands Its Operations In Australia
Revolut, the 33 billion USD London based financial technology company, has acquired an Australian Credit License by the Australian Securities and Exchange Commission (ASIC) and soon will be offering credit and personal lending products to Australian customers in addition to a stock trading service, which is about to be launched in the coming weeks as well.
In a separate development Revolut has also applied to become an authorized deposit- taking institution (ADI) in Australia, which basically will grant the company a banking status.
The new securities trading service will allow Revolut customers in Australia to buy and sell company stocks listed on the New York Stock Exchange and NASDAQ, including fractional stocks – a service which is already available to clients in the United States.
“We’re really excited to be offering Stock Trading to our Australian customers, and simplifying the trading experience for both new and experienced investors,” Matt Baxby, CEO of Revolut Australia said after the new service was announced, adding that “there are so many barriers for Aussies who want to invest in the US stock market and traditional providers sting customers with a whole slew of hidden fees, including brokerage, markups on foreign exchange into US dollars, as well as deposit and withdrawal fees. By offering commission- free trades and our market- leading FX rates, our stock trading feature sets out to simplify things and give investors more money on their trades, and less on fees”.
The new stock trading service will be commission free until the end of 2022, but only to customers who have signed up before the end of June.
Several months ago Revolut started offering commission- free stock trading services to clients in the United States after it acquires a broker- dealer license by the Financial Industry Regulatory Authority (FIRA). The service allows for fractional share purchases and investing spare change from card transactions.
In regards to the credit and personal lending products Revolut is also about to launch on the Australian market, Revolut Australia CEO Matt Baxby notes that “securing our Australian Credit License is an important step in our mission to create the world’s first truly global financial platform”.
“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”, Baxby also notes.
Revolut stepped on the Australian market back in August 2020 and is currently servicing well over 100 000 customers.
The fintech company has already launched banking services and offers credit products across most European countries and is now seeking to expand its customer base in other markets like Australia and India as well.
Most recently the company acquired the Indian based foreign exchange firm Arvog Forex.
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