The global fintech company has secured banking registration from the Reserve Bank of New Zealand, opening the door to expanded banking services and greater competition in the country’s financial sector.
Global financial technology company Revolut has officially become a registered bank in New Zealand after receiving approval from the Reserve Bank of New Zealand (RBNZ), making it the country’s 27th registered bank and its first digital bank.
The registration, announced on November 3, 2026, allows Revolut Bank New Zealand Limited to provide banking services under the country’s Banking (Prudential Supervision) Act 1989.
Revolut has operated in New Zealand as a financial services provider since July 2023, offering customers digital payments, international money transfers, currency exchange, and other financial services through its mobile application.
The banking registration marks a significant step in the company’s expansion strategy, moving it beyond its previous financial services operations into a fully registered banking business in the country.
Revolut Commits NZ$120 Million to New Zealand Expansion
Alongside the banking registration, Revolut has committed to investing NZ$120 million in the New Zealand market over the next five years.
The investment will support product development, business growth, and the expansion of its local workforce.
According to the company, the move is part of its broader strategy to build a global banking operation and compete more directly with established financial institutions.
Revolut Founder and Chief Executive Officer, Nik Storonsky, described the registration as another milestone in the company’s ambition to build what he calls the world’s first truly global bank.
He also expressed confidence that Revolut’s entry into the banking sector would introduce greater competition into New Zealand’s financial services market.
New Savings Products and Deposit Protection
With its banking registration, Revolut is beginning to roll out additional products for New Zealand customers, starting with Instant Access Savings accounts.
The offering includes an introductory variable interest rate of 3.50% per annum for new personal customers during their first four months, applicable to balances of up to NZ$50,000. Interest is calculated and paid daily, with no withdrawal penalties.
Customers will also benefit from the New Zealand Government’s Depositor Compensation Scheme (DCS), which protects eligible deposits of up to NZ$100,000 per depositor if a covered bank fails.
The introduction of these products expands Revolut’s offering beyond its previous payments and money management services, giving it a stronger presence in the country’s retail banking market.
A Wider Global Banking Expansion Strategy
The New Zealand registration is part of Revolut’s broader international expansion strategy.
The company, founded in 2015 by Nik Storonsky and Vlad Yatsenko, has grown into a global financial technology business with more than 80 million customers worldwide.
According to Revolut, it now operates as a licensed bank in 34 markets, with banking operations across the United Kingdom, Europe, Australia, and other regions.
The company has also secured regulatory approvals and authorizations in markets including the United Arab Emirates, Mexico, Colombia, and Peru, while advancing its banking ambitions in the United States.
For Revolut, becoming New Zealand’s 27th registered bank represents more than a regulatory milestone. It creates an opportunity to expand its financial products, strengthen its local operations, and compete more directly with traditional banks.
As digital financial services continue to reshape the global banking industry, Revolut’s latest move reflects its ambition to build a banking business that can operate across multiple markets while offering customers a unified digital financial experience.