Revolut Wins Australian Banking Licence and Takes Aim at the Big Four
Europe's most valuable startup became Australia's newest bank, bringing 1 million existing customers and a profitable global business to a sector dominated by four banks.
Why it mattersAustralia's big four banks hold 72% of banking system assets, and 81% of Australians with transaction accounts have not switched their main bank in three years. Whether Revolut can move beyond travel payments to win salaries, savings and eventually mortgages will determine whether it becomes a genuine fifth force or stays a useful but secondary option.
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