Revolut hits 1m Aussie users, plans AUD $400m push

Revolut has passed 1 million retail customers in Australia, six years after launching in the market, and its local headcount has grown to more than 100 employees.

It also reported cumulative savings of more than AUD $250 million in foreign exchange fees for Australian customers since 2020, based on a comparison with charges at major banks.

Revolut also outlined an investment plan for its Australian operations, expecting to invest almost AUD $400 million over the next five years.

The company operates in Australia under an Australian Financial Services Licence and an Australian Credit Licence, and is regulated by the Australian Securities and Investments Commission.

Local expansion

Revolut entered Australia in 2020 with three staff. It launched with a digital travel card and currency exchange offering, and now positions its app as a broader suite across payments, wealth, budgeting, lending, insurance and rewards.

It pointed to several product launches and category moves, including cryptocurrency trading a year after launch. It later added share trading and commodities.

Revolut also introduced Revolut Kids and Teens, which it describes as a product for under-18s. In 2023, it launched Revolut Business in Australia, added joint accounts, and introduced a credit product.

In 2024, it said it became the first financial institution in Australia to launch eSIMs. It also highlighted updates to fraud prevention tools and growth in paid subscriptions, including its Premium and Metal plans.

For 2025, Revolut reported expanding domestic payments features and launching a loyalty programme called RevPoints. Customers can earn rewards on debit card spending and redeem them with multiple airlines and other options.

Business payments

In early 2026, Revolut Business launched what it described as Australia's first "360° in-person, account-to-account and online merchant acquiring platform". It said the product covers in-person and online payments, as well as account-to-account transactions.

The update puts Revolut in closer competition with a crowded field of digital banks, card issuers and payments providers that have expanded from travel and foreign exchange into everyday spending, subscriptions and business services.

Revolut compared its scale with Australian digital banking brands Up and Ubank. Both brands are backed by established financial groups in Australia.

Growth claims

Revolut said it has achieved an average annual customer growth rate of almost 100% since 2022. It also reported record transaction volumes in 2024, up 74% year on year.

It said Australian customers now use the app more for domestic spending than for overseas travel. That shift reflects a broader trend among multi-product fintech apps, which increasingly seek day-to-day relevance rather than occasional use for international trips.

Revolut also highlighted in-app security features, including biometric authentication, real-time spending alerts and card controls. It described the alerts as geotargeted.

Executive comments

Matt Baxby, CEO of Revolut Australia, linked the milestone to customer adoption and foreign exchange pricing.

"We're incredibly proud of everything we've achieved in Australia. The fact we've saved Australians $250million in FX fees proves our commitment to delivering them the highest value and experience. We've come a long way since our launch in 2020, but our mission has stayed the same: to put Australians in complete control of their finances and become their everyday tool to spend, save, borrow and invest. It's a real privilege to have earned the trust of 1 million local Australians, but it's just the beginning. We're excited to continue delivering world-class products and disrupting financial services in the country," said Matt Baxby, CEO, Revolut Australia.

Charlie Short, Head of Growth at Revolut Australia, said the company plans to increase marketing spend and maintain the pace of product releases.

"1 million customers is not the end goal, it's the proof point. Over the past two years, Revolut has scaled rapidly in Australia, with strong growth across customers, payments, FX and engagement, and record usage in 2025. Starting 2026 as one of the country's top financial apps, we've already built real momentum in the market. This year will see us double down on marketing investment and remain aggressive with product delivery, pushing us into our biggest year yet," said Short.