Revolut Wins Australian Banking Licence, Launches First APAC Bank

London-based Revolut, which serves 80 million customers worldwide, currently provides US prepaid cards, credit and payments through FDIC-insured partner banks. A national bank charter would let the fintech take deposits on its own balance sheet, extend loans and connect more directly to US payment rails, reducing reliance on intermediaries. The push is central to Chief Executive Nik Storonsky’s ambition to build a global, full-service digital bank and compete head-to-head with American lenders.

The Office of the Comptroller of the Currency granted preliminary conditional approval on Sept. 2, 2026, for Revolut Bank US, N.A., a branchless bank based in Stamford, Connecticut. Revolut plans to contribute at least $95 million and must maintain a Tier 1 leverage ratio of at least 10% for its first three years. FDIC deposit insurance and Federal Reserve approvals are still required. The company targets a first-half 2027 launch with about 160 employees; retail foreign exchange and three other product lines require separate OCC non-objection.

Revolut has served European customers mainly through Lithuania-based Revolut Bank UAB, using the EU passporting regime to operate across the bloc since 2018. A French charter was not required to keep serving those markets, but it gives the fintech a second EU banking hub closer to its largest Western European customer base and local regulators. The dual-hub structure is intended to speed product localisation and support Revolut’s shift from a cross-border finance app into a major retail bank.

On Aug. 10, 2026, Revolut said Revolut Bank S.A. had won a full banking licence after a joint review by France’s Autorité de Contrôle Prudentiel et de Résolution and the European Central Bank; the ECB Governing Council formally adopted the decision. The bank will start with France before expanding in phases to Germany, Ireland, Italy, Portugal and Spain. Revolut serves about 30 million Western European customers, including nearly 8 million added in 2025, and has committed more than €1 billion to the region, more than 600 hires and a Paris headquarters opening in 2027.

UK fintech company Revolut has more than 70 million customers worldwide and operations in Brazil, Mexico, Colombia and Argentina. Its entry into Peru is part of a plan to expand into 100 markets, with the goal of becoming the country’s first fully licensed digital-only bank.

Peru’s Superintendency of Banking, Insurance and Private Pension Fund Administrators (SBS) issued Resolution No. 00949-2026 on March 30, 2026, and published it on April 1, authorizing the incorporation of Revolut Bank Perú S.A. The approval covers only its organization, and no investment amount was disclosed. The bank must still complete its incorporation, pass regulatory inspections and obtain an operating license before it can formally open for business.

Founded in London in 2015, Revolut previously operated in the UK mainly as an electronic money institution, with customer funds safeguarded in segregated accounts rather than covered by deposit insurance. With full banking status, Revolut Bank UK Ltd can offer current accounts, savings and credit services under the joint supervision of the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA).

Revolut applied for the license in January 2021 and received restricted banking authorization in July 2024, entering a mobilization period. The PRA lifted the restrictions on March 11, 2026, allowing the company to formally serve about 13 million UK customers as a bank. Eligible bank deposits are now protected by the Financial Services Compensation Scheme (FSCS) up to £120,000 per person, but cryptocurrencies, stocks and commodities are not covered.