Revolut, a FinTech industry brand, has announced the launch of multi-currency business accounts in Australia and its intent to apply for a banking license there.
Obtaining a UK license could determine whether the business receives an Australian one. CEO Nik Storonsky stated earlier this month that “extra cautious” regulators who have been alarmed by recent events at institutions like Silicon Valley Bank and Credit Suisse are holding up the fintech’s two-year effort to obtain the UK license.
According to the FT, which relied on people with knowledge of the approval procedure, progress on the application has recently slowed down or almost stopped.
Read More: Revolut launches Oz business account; wants banking licence
