Revolut has been registered as a bank in New Zealand, according to the Reserve Bank of New Zealand. The London-based fintech, which has operated locally since July 2023, now becomes the country’s 27th registered bank. The move enables Revolut to expand its financial services, including interest-paying savings accounts and a wider range of credit products.
The Reserve Bank said all applicants face the same rigorous requirements, even as it welcomes credible new entrants. Revolut NZ’s registration comes under current banking legislation, which is set to be replaced by the Deposit Takers Act from December 2028. The approval follows recent licence wins for Revolut in the UK and Australia, as the company continues to grow its international footprint.
New Zealand’s banking sector is dominated by four Australian banking groups, giving Revolut a chance to compete with established players. The company processed over NZ$350m in transactions locally by late 2024 and claims more than 50 million customers worldwide. Its expansion is part of broader preparations for a possible public listing, following a $75bn valuation last year.
Senior executives in regulated sectors should note the ongoing regulatory changes and the potential for increased competition as global fintechs enter new markets.
