Revolut is weighing a move into Australia’s mortgage market following last month’s banking license approval, CEO Matt Baxby confirmed to Reuters on Tuesday. The fintech giant secured its first Asia-Pacific authorized deposit-taking institution license from APRA on July 21, allowing it to offer deposits and expanded lending products to its 1.2 million Australian customers. No mortgage rates or launch date have been announced.
The ADI license transforms Revolut from primarily a payments platform into a full-fledged bank competitor, already enabling savings accounts and credit cards. Home loans would mark its largest relationship product in a market dominated by traditional banks. Revolut Australia reported strong financials with A$70.8 million revenue in 2025, up 74% year-over-year, and A$7.4 million net profit. Net interest income surged 110%.
The expansion mirrors Revolut’s UK strategy, where it began offering bank accounts in March after years of regulatory approval processes.
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FXnCO Insight
** Established Australian mortgage lenders should prepare for potential pricing pressure as Revolut’s digital-first model and existing customer base position it to disrupt home lending margins.
Source: Finance Magnates