The Australian Prudential Regulation Authority (APRA) has granted Revolut Payments Australia Pty Ltd a licence to operate as an authorised-deposit taking institution (ADI) under the Banking Act 1959 (the Act).
Concurrently, APRA has also licensed Revolut Australia NOHC Pty Ltd as a non-operating holding company (NOHC) under the Act.
APRA is the prudential regulator of the financial services industry. It oversees banks, mutuals, general insurance and reinsurance companies, life insurance, private health insurers, friendly societies, and most members of the superannuation industry. APRA currently supervises institutions holding around $9.8 trillion in assets for Australian depositors, policyholders and superannuation fund members.