British fintech company Revolut has received a banking license from the Australian Prudential Regulation Authority, officially launching Revolut Bank Australia on July 21, Frank Media reports, citing a company announcement. It is noted that for Revolut’s existing customer base, the transition to the licensed bank will be seamless and automated, requiring no action from users, and new customers will be onboarded directly to Revolut Bank Australia.Upon receiving the license, the company is required to invest nearly 400 million Australian dollars (about $280 million) in the local market over the next five years.Revolut’s plans to obtain a banking license in Australia were first reported by Reuters in 2021, citing the company’s CEO, Matt Baxby.A year earlier, Revolut’s Australian subsidiary received a financial services license and was registered with the country’s anti-money laundering agency as a digital currency exchange service.Revolut already holds banking licenses in the UK, Mexico, Australia and the European Economic Area. The partner of Fintech section is Tweet Views 4232