Revolut has received approval from the Reserve Bank of New Zealand to establish Revolut Bank New Zealand, becoming the country’s first digital bank as the financial technology company expands its international banking operations.
The approval represents Revolut’s seventh banking licence and its fifth secured in 2026. The company, which serves more than 80 mn customers worldwide, has committed to investing NZ$120 mn in New Zealand over the next five years.
- Revolut has received approval from the Reserve Bank of New Zealand, becoming the country’s first digital bank and securing its seventh banking licence globally.
- The fintech company plans to invest NZ$120 mn in New Zealand over five years to support product development, business growth and local employment.
- Revolut Bank New Zealand is launching savings accounts with a 3.50% introductory annual interest rate, while eligible deposits of up to NZ$100,000 are protected.
The investment will support product development, business expansion and employment growth as Revolut seeks to compete with established New Zealand banks.
Launching our New Zealand bank marks another significant step in our mission to build the world’s first truly global bank. Securing our seventh bank licence and our fifth this year alone, is a testament to our business model and our team. We are confident our offering will bring true competition to the New Zealand banking sector.
Nik Storonsky, Revolut’s founder and CEO
Revolut entered the New Zealand market in 2023 and has since expanded its local operations. The new banking registration allows the company to introduce additional financial products and provide eligible customers with statutory deposit protection.
Ryan Brosnahan, CEO of Revolut Bank New Zealand, said the regulatory approval followed substantial growth in the company’s local customer base.
Becoming a bank in New Zealand marks a defining moment in our journey, achieved through a relentless focus on delivering a better financial experience for Kiwis.
Ryan Brosnahan, CEO of Revolut Bank New Zealand
“Since launching here in 2023, we have experienced massive growth. It’s clear the market is primed for disruption, and this licence is the launchpad for our next chapter to build the most seamless, secure, and customer-first banking experience in New Zealand,” Brosnahan said.
Revolut launches savings accounts with 3.50% introductory rate
Revolut Bank New Zealand is beginning the rollout of its banking products, including Instant Access Savings accounts for retail customers.
The accounts offer new retail customers a variable introductory interest rate of 3.50% per annum for the first four months, with interest paid daily and no withdrawal penalties.
Existing Revolut customers in New Zealand will transition to the new banking structure automatically, without needing to take any action.
Eligible customer deposits of up to NZ$100,000 will also receive protection under New Zealand’s Depositor Compensation Scheme (DCS).
The introduction of protected deposits and interest-bearing savings accounts expands Revolut’s local offering beyond the services available since its initial New Zealand launch.
Revolut expands banking operations across 34 markets
The New Zealand approval adds to Revolut’s international banking expansion. The company says it now operates as a licensed bank across 34 markets, including the UK, Europe, Australia and New Zealand.
Revolut has also secured regulatory licences and authorisations in the United Arab Emirates, Mexico, Colombia and Peru as it develops banking operations in additional markets.
In the United States, the company is advancing its application for a banking charter with the Office of the Comptroller of the Currency (OCC).
Revolut has also received approval to acquire Banco Cetelem in Argentina, extending its planned banking presence in Latin America.
The New Zealand investment commitment covers the next five years, with funding directed toward local product development, customer growth and expansion of the company’s workforce.
