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. “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.”
With more than 80 million customers worldwide, UK-based Revolut now holds seven banking licenses and operates as a licensed bank in 34 geographies, including the UK, Europe, Australia, and now New Zealand. The company recently secured new licenses and authorizations in the UAE, Mexico, Colombia, and Peru; has advanced its US bank charter application with the OCC; and received approval to acquire Banco Cetelem in Argentina. In 2015, Revolut CEO Storonsky demoed the company’s banking platform at FinovateEurope in London.
Revolut’s entry into the New Zealand market broadens its reach as a global banking competitor. While other international digital banks, such as Brazil-based Nubank, have largely focused their expansion efforts on specific regions, Revolut is pursuing a more geographically diverse strategy. Securing banking licenses across multiple continents positions Revolut to compete directly with traditional financial institutions, rather than simply offering an alternative digital financial services platform.
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