that the firm’s major aim is to provide an app or platform where “people can manage their entire financial lives in one place,” by obtaining a banking license being a key piece of the puzzle:
“A bank licence is still very much part of our plans. To be held to that regulatory standard would give our consumers confidence for the long haul, and would enable products that are in demand from our customers. We’re working our way through that, and it’s a key part of our plans overall.” The multi-currency business accounts kicked off this week, with Revolut enabling users to conduct up to 75,000 AUD worth of foreign currency exchange per month.The accounts come with physical and digital cards, real-time spending reports, and allow multiple users to manage them.
According to James Gibson, the general manager of Revolut Business, the firm has observed a significant amount of demand from Australian small to medium enterprises which seek greater 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 overseas. 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 lot of traction with that,” he told The Australian.
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