- Startup aims to launch in Australia in New Year
- 20,000 Australians already signed-up to waiting list
- Move is part of Revolut’s ambitious global expansion plan
The Australian Financial Review reports that Revolut, the fast-rising challenger bank specialising in low-cost international money transfer services, has 20,000 Aussie customers on its waiting list as it prepares to launch there early next year.
The fintech-powered money transfer online provider has been expanding at a galloping pace since launching three years ago. Headquartered in London, it now boasts more than 3 million European customers and is attracting 7,000 new customers a day, a total it expects to accelerate to 10,000 by the close of 2018.
Now officially the fastest-growing unicorn tech firm in Europe, Revolut banked $US250 million in new venture capital funding in April, money it will deploy on its near-hyperactive global expansion efforts.
One of the destinations it’s now planning to expand to is Australia, having signed up 20,000 AU-based customers to its waiting list despite using zero advertising, an ominous sign for the major banks.
A dynamic innovator in the delivery of money transfer services, Revolut says that it will have a prepaid debit card available to the Australian market by year’s end. It plans to launch early in the New Year and expects to have 150,000 new customers in the land down under by the close of 2019.
However, it doesn’t stop there. The fintech phenomenon also has its sights set on people wanting to send money abroad easily and cheaply in New Zealand too. This is part of an energetic plan to appeal to millennial customers in the US, Canada, Honk Kong and Singapore.
Revolut’s Head of Marketing, Chad West, is confident that the timing for the Australian launch is solid, especially in light of the Hayne commission’s findings which should make it easier to lure disillusioned customers away from major banks.
Speaking from London, he told AFR journalist James Ayers: “When we launch in Australia, our main goal is to be an alternative to traditional banks. We are very anti bank, and people have really resonated with that.”
West is scheduled to deliver a keynote address at the Intersekt Festival in Melbourne on 29th October.
Revolut has already obtained the requisite licensing in Australia for its payment cards and intends to become an “authorised deposit-taking institution” (ADI) by capitalising on Australia’s new startup bank licensing regime created by the Australian Prudential Regulation Authority. This will allow it to take deposits.
The company has attracted its huge customer numbers in Europe by delivering uber-low cost foreign exchange options for travellers. Revolut cards come with zero transfer fees for cross-border withdrawals and transfers and exchange rates are identical to the ones banks get in wholesale markets. This low-cost, ultra-fast transfer service will be replicated in Australia, where major banks are already under the spotlight by the Australian Competition and Consumer Commission (ACCC) for their exorbitant transfer fees.
Other offerings will include inexpensive share trading, insurance and cryptocurrency wallets.
Similar to Netflix and Spotify, Revolut is moving towards a subscription-based service: 150,000 of its customers pay £6.99 per month, while 80,000 pay £12.99 per month for the premium service.
West is calmly confident that Revolut can win the Australian market over, stating: “I am convinced we can do it faster and better than any other fintech in the market.”
If you’ve enjoyed reading about Revolut, you might like our recent article on the company here.
