Revolut Wins Australian Banking Licence, Launches First APAC Bank

London-based Revolut, founded in 2015, serves more than 75 million customers worldwide, including about 1 million in the United States. Its U.S. services currently rely on partner banks. A national bank charter would give Revolut direct access to Federal Reserve payment networks including Fedwire and ACH, while allowing it to offer deposits, credit cards and loans itself and reduce intermediary costs.

Revolut applied to the Office of the Comptroller of the Currency for a national bank charter on March 5, 2026, and sought deposit insurance from the Federal Deposit Insurance Corporation. U.S. CEO Cetin Duransoy said on June 3 that the company aimed to begin operations in 2027, offering checking and high-yield accounts insured for up to $250,000 per account, as well as stablecoins, multicurrency deposits, stocks and cryptocurrency trading.

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.