Revolut Secures New Zealand Banking License, Launches Digital Bank

Revolut has been registered as a bank in New Zealand by the Reserve Bank of New Zealand, becoming the country's first digital bank and its 27th registered bank, the regulator announced. The UK-based neobank is launching as Revolut Bank New Zealand and has committed to invest NZ$120 million in its local operations over the next five years.

The registration allows Revolut to offer banking products immediately. New retail customers will have access to Instant Access Savings accounts with a 3.50% p.a. variable introductory rate for their first four months, daily interest payments and no withdrawal penalties. Existing New Zealand customers will be transitioned automatically without needing to take action. Eligible deposits up to NZ$100,000 are protected under the New Zealand Depositor Compensation Scheme (DCS).

Revolut, which has more than 80 million customers globally, said the NZ$120 million investment will cover product innovation, growth and expanding its employer footprint. The company now operates as a licensed bank in 34 markets, including the UK, Europe, Australia and New Zealand. It is also pursuing regulatory milestones in the UAE, Mexico, Colombia and Peru, has an application to acquire a Swiss banking license, is advancing a US bank charter application with the OCC, and has approval to acquire Banco Cetelem in Argentina.

Nik Storonsky, Founder and CEO of Revolut, said the New Zealand launch is another step in the company's mission to build a global bank, adding that securing its seventh bank license and fifth this year reflects its business model and team. Ryan Brosnahan, CEO of Revolut Bank New Zealand, said the license is a launchpad for the next chapter, citing growth since launching in New Zealand in 2023.

Scott McKinnon, Director of Specialist Supervision at the Reserve Bank of New Zealand, said the regulator recognises the value credible new entrants can bring to a competitive, resilient, inclusive and efficient financial system, and that Revolut NZ has met the required standard for bank registration. He added that the Reserve Bank's approach to bank registration applications remains rigorous and considered, with each application assessed against relevant prudential and statutory requirements.