The Reserve Bank of New Zealand today announced that UK based neobank Revolut has been registered as a bank in New Zealand, making it New Zealand’s first digital bank, and the 27th registered bank in the country.

Revolut Bank New Zealand

Starting today, Revolut is officially launching as Revolut Bank New Zealand, backed by a commitment to invest NZ$120 million into its local operations over the next five years.

The banking registration unlocks a new era of competition in the region, featuring a day-one rollout of Instant Access Savings accounts protected by the New Zealand Depositor Compensation Scheme (DCS).
Revolut, already a global financial leader with more than 80 million customers worldwide, has a mission to build the world’s first truly global bank. Following approval from the Reserve Bank of New Zealand, Revolut is now a locally registered bank, marking the official launch of Revolut Bank New Zealand. With this registration, Revolut becomes the country’s first digital bank.

Commitment to invest NZ$120 million

The regulatory milestone is backed by Revolut’s commitment to invest NZ$120 million into the local market over the next five years – spanning product innovation, growth, and expanding its employer footprint. Revolut Bank New Zealand said it is uniquely positioned to deliver innovative solutions that enhance the financial wellbeing of Kiwis and bring much-needed competition to a market long dominated by traditional players.

Nik Storonsky, Founder and CEO of Revolut, commented,

“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. We are confident our offering will bring true competition to the New Zealand banking sector.”

Ryan Brosnahan, CEO at Revolut Bank New Zealand, commented,

“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. 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.”

Banking product rollout

Starting today, Revolut Bank New Zealand will begin rolling out its banking products to customers, including market-first, day-one offerings, such as Instant Access Savings accounts featuring a 3.50% p.a. variable introductory savings rate for new retail customers for their first four months, complete with daily interest payments and zero withdrawal penalties. For Revolut’s existing customer base in New Zealand, the transition will be instant and seamless, requiring no action from users. Customers will now benefit from the ultimate peace of mind provided – eligible deposits up to NZ$100,000 are now protected by the New Zealand Depositor Compensation Scheme (DCS).

Revolut globally

Revolut continues to expand globally, now operating as a licensed bank in 34 markets, including the UK, Europe, Australia, and now also New Zealand. The company is accelerating this growth through recent regulatory milestones: securing new licenses and authorisations in the UAE, Mexico, Colombia and Peru (with an application to acquire a Swiss banking license); advancing its US bank charter application with the OCC; and gaining approval to acquire Banco Cetelem in Argentina.