If there were ever any doubt over how ripe the UK’s fintech sector is on a worldwide scale, the market came out on top globally, according to Tech Nation. The business network’s latest report revealed the British space secured £4.5bn of funding between 2015 to 2018. So it seems only fitting Revolut is on a mission to fly its flag on the other side of the world.
The London-based fintech firm, which has raised $336.4m of investment, is now set on conquering Australia. Revolut has a waiting list of 20,000 Aussies eager to join its digital bank, so it’s begun a beta service to welcome a batch of customers each day, which will allow all the nuts and bolts to get tightened in the background before an official refined version hits the market.
The company claims the gradual introduction of its service “marks a breakthrough for international money transfers to and from the country”. With the launch in Australia, this will build on five million existing customers in the UK and Europe. Revolut customers in Australia will only be able to send and receive money to customers in the UK and Europe for the time being, although more services will come in due course.
Commenting on the opening, Will Mahon-Heap, APAC expansion manager at Revolut, insisted it’s important to keep a level head and be patient. “The most important focus is for us to take a measured approach,” he said. “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.
Melbourne will be the home of Revolut’s Australian efforts, with the company pointing to the city as a prime spot for fintech and talent. With millions of dollars set to be invested in the country to scale the service and hire 30 members of staff by the end of the year, in Melbourne as well as Sydney and Perth, global growth is clearly a high priority.
“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,” said Nik Storonsky, founder and CEO of Revolut.
If UK fintech companies continue to make moves like Revolut has, it seems likely that Britain’s reputation as the number one country for fintech will remain intact for a long time to come. But before you decide make the decision to follow in Revolut’s footsteps, make sure you check out our guide on how to expand your SME successfully to Australia.
