Revolut is out of beta in Australia
Earlier this week, the London-based challenger bank announced its out-of-beta-availability in Australia. “It’s been just over a year since we first set foot Down Under and we’re excited to announce that we’re saying goodbye to our waitlist. From today, anyone in Australia can download our financial super app and enjoy one app to manage all things money.”
Its mobile banking product offers a simple way to exchange cryptocurrencies and commodities, a Rewards program, a Junior account for kids, and new ways to give back to different causes.
Revolut – now a team of over 2,000 people – has raised $916 million since its inception in 2015 and is still an unprofitable business. According to CNBC, the company posted a total loss of £106.5 million ($139.6 million) for the year ending December 31, up from £32.9 million in 2018. Part of the loss is attributed to international expansions. And as of last year, Revolut had a user base of 10 million people.