Revolut secures banking licence in New Zealand

Revolut began operating as Revolut Bank New Zealand on 3 November 2026, following approval from the Reserve Bank of New Zealand (RBNZ). The company describes itself as the country’s first digital bank. It plans to invest approximately USD 67 million in its New Zealand operations over the next five years. The investment will support product development, business growth and local hiring.

Products available from launch

Revolut Bank New Zealand began rolling out banking products on its first day of operation. Its initial offering includes Instant Access Savings accounts. New retail customers can receive a variable introductory rate of 3.50% per year for their first four months. Interest is paid daily, and customers can withdraw funds without a penalty.

Existing Revolut customers in New Zealand are being transferred to the new bank automatically and do not need to take any action. Following the registration, eligible deposits of up to approximately USD 58,000 per customer are covered by New Zealand’s Depositor Compensation Scheme (DCS). Coverage applies automatically to eligible balances as the customer transition process begins.

A new competitor in New Zealand banking

Revolut entered the New Zealand market in 2023 and reports significant growth in its local customer base since then. The company presents its bank registration as a way to bring more competition to a sector it says has long been dominated by traditional providers.

Revolut Founder and CEO Nik Storonsky said the company expects its offering to increase competition in New Zealand’s banking sector. Ryan Brosnahan, CEO of Revolut Bank New Zealand, described the registration as the basis for the next phase of the company’s local operations, following its initial market entry.

Moving from a non-bank presence to registered bank status allows Revolut to offer deposits with statutory protection. This changes the company’s position in the market compared with its previous operating model in New Zealand.

Licensing strategy across markets

The New Zealand registration is Revolut’s seventh banking licence and the fifth it has obtained in 2026. The company reports more than 80 million customers globally and says it now operates as a licensed bank in 34 markets, including the UK, Europe, Australia and New Zealand. In the Asia-Pacific region, the launch in New Zealand follows Revolut’s existing banking presence in Australia.

The company also outlined other recent regulatory developments. Revolut has secured new licences and authorisations in the UAE, Mexico, Colombia and Peru. It is also progressing its application for a US bank charter with the Office of the Comptroller of the Currency (OCC). In Argentina, it has received approval to acquire Banco Cetelem.

These steps support Revolut’s stated goal of building a global banking business. The company is pursuing local licences market by market rather than relying only on its existing authorisations.