Revolut, the UK-based digital banking and payment services company, has recently announced the launch of its business account in Australia. The move is part of the company’s global expansion strategy, which aims to provide businesses with a more efficient and cost-effective way to manage their finances.
The new business account will offer a range of features, including multi-currency accounts, international payments, and expense management tools. It will also provide businesses with access to Revolut’s suite of financial products, such as loans and insurance.
Revolut’s entry into the Australian market comes at a time when the country’s banking sector is undergoing significant changes. The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry has highlighted the need for greater transparency and accountability in the industry, leading to increased demand for alternative banking solutions.
Revolut’s business account is designed to meet this demand by providing businesses with a more transparent and cost-effective way to manage their finances. The account will offer competitive exchange rates and low transaction fees, making it an attractive option for businesses that operate internationally.
In addition to launching its business account in Australia, Revolut has also announced its intention to obtain a banking licence in the country. This move would allow the company to offer a wider range of financial services, such as savings accounts and mortgages, and would position it as a serious competitor to traditional banks.
Revolut’s CEO, Nikolay Storonsky, has stated that the company’s goal is to become “the world’s first truly global bank”. The company already has over 15 million customers worldwide and has raised over $900 million in funding to date.
The launch of Revolut’s business account in Australia is just the latest step in the company’s global expansion strategy. With its focus on transparency, cost-effectiveness, and innovation, Revolut is well-positioned to disrupt the traditional banking sector and provide businesses with a more efficient way to manage their finances.
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- Source: https://zephyrnet.com/revolut-launches-oz-business-account-wants-banking-licence/