Revolut Seeks Banking License in New Zealand

Revolut, the UK-based financial technology company, has applied for a banking license with the Reserve Bank of New Zealand. The move aims to enhance its offerings by introducing interest-bearing accounts, expanded credit services, and additional financial products.

Since its New Zealand debut in July 2023, Revolut has processed transactions worth NZ$350 million and launched 18 new products. With its application, the firm aspires to become the first global digital bank in the region. "We look forward to working with the Reserve Bank of New Zealand on our application," said Georgia Grange, Revolut's Head of NZ.

Currently, Revolut operates under local financial service provider regulations and complies with anti-money laundering standards. Its portfolio includes cryptocurrency trading, a feature not available with traditional New Zealand banks.

Grange emphasized the company's mission to provide innovative solutions, stating: "Underserved for decades, Kiwis have had to put up with a lack of innovation, core functionality, and high fees. Revolut is here to change that."