Revolut to Invest $400 Million in Australian Business

WHY THIS MATTERS:

Australia has become a proving ground for global fintechs looking to move beyond single-use products and embed themselves into customers’ everyday financial lives. What began as travel-focused FX apps are now competing head-on with incumbent banks across payments, wealth, lending and business services. The acceleration of merchant acquiring and account-to-account payments highlights a broader shift toward fintechs owning more of the transaction lifecycle, particularly for SMEs seeking integrated financial tooling. Rapid growth in customer adoption and transaction volumes reflects changing expectations around digital-first finance—where speed, product breadth and seamless user experience matter more than brand legacy. As competition intensifies, Australia is emerging as a key market where fintech scale, localisation and regulatory execution converge.

Since entering the Australian market in 2020 with a team of just three, Revolut has evolved from a simple digital travel card and currency exchange platform into a complete financial lifestyle app with more than 30 products and services across payments, wealth, budgeting, lending, insurance and rewards.

Earlier this mont the firm launched a full suite merchant acquiring product in Australia, integrating account-to-account, online and in-person payments directly within a core business account. In the last 12 months, Revolut Business has grown exponentially in Australia with a 235% uplift in monthly transaction volumes.

Since 2022, the company has achieved an average annual customer growth rate of almost 100% and now employs more than 100 employees nationwide.

Charlie Short, head of growth at Revolut Australia, comments: “One million customers is not the end goal, it’s the proof point. Over the past two years, Revolut has scaled rapidly in Australia, with strong growth across customers, payments, FX and engagement, and record usage in 2025. Starting 2026 as one of the country’s top financial apps, we’ve already built real momentum in the market. This year will see us double down on marketing investment and remain aggressive with product delivery, pushing us into our biggest year yet.”

FF NEWS TAKE:

Revolut’s momentum in Australia signals a transition from challenger to serious multi-product financial platform. The next test will be sustainability—maintaining growth while deepening engagement across both consumers and businesses. Watch closely how merchant services and business banking shape its competitive position against local banks and homegrown fintechs in 2026.