The fintech come digital bank is on a roll
November 3, 2026·2 min2 min read
Revolut has secured banking registration in New Zealand, becoming the country’s first digital bank as it steps up its international expansion with a NZ$120 million (£50,330,000 million) investment commitment.
The Reserve Bank of New Zealand has approved the registration, enabling the fintech to launch as Revolut Bank New Zealand from today.
The company said the investment, which will be made over the next five years, will support product development, business growth and the expansion of its local workforce.
The banking licence also allows Revolut to introduce a range of banking products, with Instant Access Savings accounts among the first to be rolled out.
New retail customers will be offered an introductory variable savings rate of 3.50% a year for their first four months, with interest paid daily and no withdrawal penalties.
Eligible customer deposits of up to NZ$100,000 will also be protected under New Zealand’s Depositor Compensation Scheme.
Existing Revolut customers in the country will be transitioned to the new banking entity automatically, with no action required.
Nik Storonsky, Revolut founder and chief executive, said the launch represented another step towards the company’s ambition to build a global bank.
“Securing our seventh bank licence and our fifth this year alone, is a testament to our business model and our team,” he said.
“We are confident our offering will bring true competition to the New Zealand banking sector.”
Ryan Brosnahan, chief executive of Revolut Bank New Zealand, said the company had experienced significant growth since entering the market in 2023.
He added that the licence would provide a platform for the business to develop its local offering and challenge established banking providers.
“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,” he said.
“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.”
The move adds to Revolut’s growing international banking footprint. The company said it now operates as a licensed bank in 34 markets, including the UK, Europe, Australia and New Zealand.
Its expansion plans have also included securing licences and authorisations in the UAE, Mexico, Colombia and Peru, progressing a US bank charter application with the Office of the Comptroller of the Currency, and gaining approval to acquire Banco Cetelem in Argentina.
The New Zealand launch marks the latest step in Revolut’s efforts to extend its banking services beyond its established European markets and build a broader international presence.
