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Revolut Secures New Zealand Banking License, Expanding Its Global Footprint

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Revolut Secures New Zealand Banking License, Expanding Its Global Footprint

Digital banking platform Revolut announced today that it has officially launched in New Zealand as a bank after the Reserve Bank of New Zealand registered Revolut Bank New Zealand Limited. This registration makes Revolut the country’s 27th registered bank and its first digital bank.

The new registration, which comes three years after Revolut first began operating in New Zealand as a financial services provider, allows Revolut to launch Instant Access Savings accounts, with eligible deposits up to NZ$100,000 now protected by the New Zealand Depositor Compensation Scheme (DCS). The new Instant Access Savings accounts feature a 3.50% variable introductory savings rate for four months.

“Launching our New Zealand bank marks another significant step in our mission to build the world’s first truly global bank,” said Revolut Founder and CEO Nik Storonsky. “Securing our seventh bank license 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.”

Along with Revolut’s official move into New Zealand, the fintech committed to investing NZ$120 million into the local market over the next five years. Revolut aims to offer solutions that enhance the financial wellbeing of New Zealand residents and hopes to bring competition to the region’s market, which has long been dominated by traditional players.

“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,” said Revolut Bank New Zealand CEO Ryan Brosnahan.


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