Revolut, a fintech firm that is friendly with cryptocurrency, has begun business accounts that are focused on international payments for its Australian clients. Furthermore, the firm is also working to gain a license for banking in the continent down under.
Revolut’s Future Plans In Australia
Revolut, which is based in London, is a firm that has a wide range of services using fiat payments on offer for Australian and European clients. Furthermore, services related to crypto are also offered by the firm. This includes the selling and buying of quite a variety of assets of crypto. The list includes Ether (ETH), XRP, as well as Bitcoin (BTC). In some regions, Revolut also enables accessible crypto-staking.
On May 17th, while talking with The Australian, Matt Baxby, the Australian unit of Revolut’s CEO, stated that the primary target of the firm is to offer a platform or an application through which people will be able to manage everything they have related to finance from that one place. As such, being a licensed banker will be an important piece of this puzzle.
Baxby explains that a banking license will give the firm the regulatory standard that will let consumers have confidence in them for investing bigger amounts. It would further enable them to roll out products that their customers show a high demand for.
The business accounts supporting multiple currencies began this week. Revolut allowed users to transfer a maximum of AUS$75K worth of exchanged foreign currency every month through one such account. There are digital and physical cards that are supplied with the accounts. There are also spending reports that track the finances in real time. It also lets more than one user manage one account. James Gibson, Revolut Business’ general manager, says that Australian medium to small enterprises has shown significant demand.