UK FinTech Revolut has secured a credit licence in Australia.
In Brief:
It announced it was granted an Australian Credit Licence by ASIC to offer credit and personal lending products.
Revolut has recently been given permission to offer securities trading to Australian customers.
The FinTech has yet to gain a licence as an authorised deposit-taking solution.
What does this mean?
Revolut Australia CEO Matt Baxby says that the achievement is an “important step in our mission to create the world’s first truly global financial platform”. He adds credit products are a further area to help customers manage their finances and that there are big opportunities in Australia for such products.
