Revolut has become the first digital bank to officially be registered in New Zealand.
The Reserve Bank confirmed this morning that the global financial technology firm had been granted a banking licence and will be the country's 27th registered bank.
“The Reserve Bank recognises the value that credible new entrants can bring to a competitive, resilient, inclusive, and efficient financial system, and we are pleased Revolut NZ has met the required standard for bank registration in New Zealand,” RBNZ director of specialist supervision, Scott McKinnon, said.
“Our approach to bank registration applications remains rigorous and considered, with each application assessed against relevant prudential and statutory requirements.”
Revolut allows users to manage money, spend internationally, exchange currencies, save and make payments through their phone with an all-in-one app. It has operated in New Zealand since 2023.
The bank has pledged to invest $120 million into the local market over the next five years.
Revolut said this investment would span product innovation, growth, and expanding its employer footprint.
Starting today, Kiwi customers can access the bank's offerings, including Instant Access Savings accounts featuring a 3.50% p.a. variable introductory savings rate for new retail customers for their first four months.
Eligible deposits of up to $100,000 will also be protected by the New Zealand Depositor Compensation Scheme (DCS), meaning customers will get $100,000 of their money back if Revolut fails.
"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," Revolut NZ CEO Ryan Brosnahan said.
"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.”
CEO and founder Nik Storonsky said he was confident Revolut would "bring true competition to the New Zealand banking sector".
"Launching our New Zealand bank marks another significant step in our mission to build the world's first truly global bank.
"Securing our seventh bank licence and our fifth this year alone, is a testament to our business model and our team."
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