Crypto-friendly fintech firm Revolut is working on obtaining a banking license to launch a business account focused on international payments for its Australian customers. The London-based company provides fiat currency payment services for users in Europe and Australia, as well as crypto services including buying and selling Bitcoin, Ripple, and Ether.
According to Matt Baxby, CEO of Revolut’s Australian division, their primary objective is to offer apps and platforms that can be managed in one place, and obtaining a banking license is a key part of their overall plan. Revolut business accounts include physical and digital cards, access to real-time spending reports, and can be managed by multiple users.
James Gibson, General Manager of Revolut Business, said that small and midsize businesses in Australia are looking for better international payment solutions and the company has observed considerable demand for its services. In addition to traditional financial services and cross-border money transfers, Revolut also provides access to cryptocurrencies, stocks, and commodity investments.
Recently, Revolut partnered with Koinly, a cryptocurrency tax solutions provider, to enable users to sync their transaction history with Koinly for faster tax calculations.