Australian regulators have granted a banking licence to a global fintech giant paving the way for a new entrant in the local banking scene. The popular UK-based budgeting and personal finance app officially launched in Australia nearly six years ago. From today, Revolut will offer deposit accounts protected by the Financial Claims Scheme, which provides a government guarantee for deposits of up to $250,000 per account holder in the event the bank goes bust. The company says it will provide instant-access savings accounts where customers can earn up to 5.05% p.a. with interest paid daily.