New Zealand’s central bank registers Revolut as the country’s 27th bank

Revolut has been registered as a bank in New Zealand, clearing the way for the fintech to expand its financial services in the country.

The Reserve Bank of New Zealand announced the approval on Tuesday, local time, making Revolut Bank New Zealand the country’s 27th registered bank.

The London-based company has operated in New Zealand since July 2023. When it applied for registration in late 2024, it said approval would make it the first global digital bank in the country. It plans to introduce interest-paying savings accounts and a broader range of credit products.

“The Reserve Bank recognises the value that credible new entrants can bring,” said Scott McKinnon, the central bank’s director of specialist supervision.

He added that new banks can make the financial system more competitive, resilient and inclusive. However, the registration process remains rigorous, with every applicant assessed against the same banking requirements.

Revolut NZ has been registered under New Zealand’s current banking legislation. The framework will be replaced by the Deposit Takers Act, which is due to come into force on 1 December 2028, the central bank said.

 “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,” said Nik Storonsky, Founder and CEO of Revolut

The approval adds to a series of banking licence wins for Revolut over the past year. In March, the company secured its full UK banking licence after a multi-year wait.

In July, Australia’s regulator granted it an unrestricted banking licence, its first in the Asia-Pacific region. Revolut said it planned to invest A$400m to challenge Australia’s Big Four banks.

New Zealand’s banking market is dominated by the same four Australian banking groups, giving Revolut another opportunity to compete with established lenders. Matt Baxby, the company’s chief executive for Australia and New Zealand, has described the country as prime ground for expansion.

When Revolut applied for registration, it said it had more than 50 million customers worldwide. Its New Zealand business had already processed over NZ$350m in transactions by late 2024.

The expansion comes as Revolut continues to build its international presence ahead of a possible public listing. The company was valued at $75bn in a share sale last year, making it Europe’s most valuable private tech company.