Revolut’s ambition adds to major banks’ headache

Global finance app Revolut named Australia its fastest-growing international market, where local users doubled over the past 12 months as it recruits Millennial and Gen Z spenders away from the major banks with crypto and Wall Street functionality.

The London-based fintech – which is eyeing an initial public offering – has pioneered a subscription model that is highly unusual in the finance sector; most of Revolut’s customers pay monthly fees for benefits like higher foreign exchange limits, cash backs for debit card transactions and discounted trading. At its core is a digital wallet.