Revolut, the London-based FinTech that has attracted over five million customers in the UK and Europe, is opening its Public Beta to the Australian public today, starting with a gradual roll-out to its 20,000 strong wait list.
Revolut will begin to gradually on-board a select number of customers on a daily basis to its Beta version of the app, with all new customers being placed in a temporary wait list.
Will Mahon-Heap, APAC Expansion Manager at Revolut said, “The most important focus is for us to take a measured approach. We are initially launching in Australia with a market leading product in the areas of foreign exchange and money management, but we’ll look to expand our core offering in the future to include business accounts, cryptocurrency exchange, commission-free stock trading and metal cards.”
Revolut’s gradual roll out in Australia marks a breakthrough for international money transfers to and from the country. Revolut customers in the UK, Europe and Australia will now be able to instantly send and receive money from each other instantly for free, providing both parties are signed up to Revolut.
Mahon-Heap said, “Sending money between the UK, Europe and Australia has traditionally been costly and time-consuming, with transfers taking up to three business days to arrive. Making them instant and free between Revolut customers is a huge step towards us tearing down financial borders, and will keep money in the pockets of our customers.”
Revolut has chosen Melbourne as the location for its Australian headquarters, identifying the city as a centre of excellence for FinTech innovation and talent. However, the company will look to big smaller teams in other cities, including Sydney and Perth.
Mahon-Heap added, “In addition to creating up to thirty 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 & CEO of Revolut said, “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 five million people in the UK and Europe, and we’re incredibly excited to begin doing the same in Australia.”