Singapore – Revolut has been registered as a bank in New Zealand, making it the country’s first digital bank, according to the company.
The Reserve Bank of New Zealand approved the registration, which Revolut announced on 3 November 2026 alongside the launch of Revolut Bank New Zealand.
The fintech firm, which says it has more than 80 million customers worldwide, first launched in New Zealand in 2023. It now operates there as a locally registered bank.
Revolut has also committed to invest about US$70 million (approximately NZ$120 million) in its local operations over the next five years. The company said the spending will cover product innovation, growth and an expanded employer footprint.
The company says the move positions it to challenge the traditional banks that have long dominated the New Zealand market.
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 of 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.”
On the product side, Revolut Bank New Zealand will begin rolling out its banking products to customers from today. The first offering is an Instant Access Savings account.
New retail customers will receive a 3.50% p.a. variable introductory rate for their first four months, according to Revolut. The accounts pay interest daily and carry no withdrawal penalties.
Revolut’s existing New Zealand customers will move across automatically, with no action required, the company said. Eligible deposits of up to about US$58,000 (approximately NZ$100,000) are now covered by the New Zealand Depositor Compensation Scheme (DCS).
Beyond New Zealand, Revolut says it is now a licensed bank in 34 markets, including the UK, Europe and Australia.
