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Revolut has secured a banking licence in New Zealand, giving the fintech a platform to expand its local product range after operating in the country since 2023.
Revolut Secures New Zealand Banking Licence
The Reserve Bank of New Zealand has registered Revolut Bank New Zealand Limited as the country’s 27th registered bank, saying the company had met the required prudential and statutory standards.
The approval will allow Revolut to launch new banking products, beginning with an instant-access savings account offering new retail customers a 3.5% variable introductory rate for four months.
NZ$120m Investment Planned
Revolut has committed NZ$120 million to New Zealand over the next five years, covering product development, growth and expansion of its local workforce.
The business is being led by former ANZ executive Ryan Brosnahan, who said the licence would underpin the company’s next phase of growth.
The move is part of Revolut’s wider international expansion strategy. The group has outlined plans to invest £10 billion globally, create 10,000 jobs and enter 30 new markets by 2030, while targeting 100 million customers by mid-2027.
Chief executive Nik Storonsky said the New Zealand approval marked another step towards Revolut’s ambition to become a global bank.
Expansion Brings Greater Regulatory Demands
The licence also adds to the regulatory obligations facing Revolut as it scales.
The company’s rapid growth has attracted scrutiny in several markets over whether its compliance and control functions can keep pace with expansion.
For Revolut, New Zealand adds another regulated foothold in Asia-Pacific. For the local market, it introduces a new digital banking competitor with ambitions to broaden its offering beyond payments and everyday money management.
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