The fintech company Revolut has launched business accounts focused on international payments for clients in Australia, while working towards a banking license in that country.
The London-based company offers a range of fiat payment services for customers in Europe and Australia. It also offers crypto services, including buying and selling a number of crypto assets, including bitcoin (BTC), XRP (XRP) and Ether (ETH). In certain regions, it also provides access to cryptocurrency staking.
Speaking to The Australian on May 17, the CEO of Revolut’s Australian unit, Matt Baxby, claimed that the main objective of the firm is to provide an application or platform in which “people can manage all their financial lives in one place”, obtaining a banking license being a key piece of the puzzle:
“The banking license continues to be part of our plans. Being subject to that regulatory standard would give our consumers confidence in the long term and would allow us to offer the products that our customers demand. We are working on it, and it is a key part of our overall plans.”
Multi-Currency Business Accounts went live this week, and Revolut allows users to trade currencies worth up to AU$75,000 ($49,950) per month.
Accounts include physical and digital cards, real-time expense reports, and allow multiple users to manage them.
According to James Gibson, CEO of Revolut Business, the company has seen significant demand from small and medium-sized Australian businesses seeking increased international payment solutions. Revolut has around 100,000 business customers across Europe.
“What we hear a lot from them is that they really want a solution that allows them to do business abroad. And we have a lot of European customers who have Australian subsidiaries and vice versa, so we think we’re going to get quite a bit of traction with that,” he said. to The Australian.
The move adds to the personal accounts it already offers in Australia, which in addition to providing traditional financial services and international transfers, also offer access to investments in cryptocurrencies, stocks and commodities.
Cointelegraph reported on April 23 that Revolut had partnered with crypto tax solutions provider Koinly to allow users to sync their transaction history with Koinly and streamline tax calculations.
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