Revolut Becomes a Registered Bank in New Zealand Almost Two Years After Applying
Revolut has become a registered bank in New Zealand, almost two years after applying for the license.
Revolut has become a registered bank in New Zealand, almost two years after applying for the license. The Reserve Bank of New Zealand (RBNZ) approved Revolut Bank New Zealand as the country's 27th registered bank. This registration moves Revolut's local customers into deposit insurance.
Eligible deposits are now covered by the government's Depositor Compensation Scheme up to NZ$100,000. It also lets Revolut pay interest on savings, which its earlier status as a registered financial service provider did not allow.
Revolut started in New Zealand in July 2023 with payments, currency exchange, and crypto trading. It applied for bank registration in December 2024 after processing about NZ$350 million in local transactions.
The New Zealand approval took about 23 months from application, a shorter wait than Revolut faced at home. Revolut applied in Britain in 2021 and secured a full UK banking license in March after about two years of operating under restrictions.
Most of its licenses have arrived this year. Australia's prudential regulator granted Revolut an unrestricted license in July. A month later, the European Central Bank approved its second bank inside the EU, in France, alongside the Lithuanian bank that serves the rest of the bloc.
Chief Executive Nik Storonsky put the New Zealand registration at seven bank licenses in total, five of them in 2026.
New Products and Investment
Revolut is launching its first product, a savings account paying a variable 3.50% to new retail customers for their first four months. Interest will be credited daily.
Revolut said it will invest NZ$120 million in the local business over five years and add credit products later.
It's clear the market is primed for disruption.
Market Competition
Revolut describes itself as New Zealand's first digital bank and is pitching it against a market dominated by four Australian-owned banking groups.
The RBNZ said each applicant is assessed against the same requirements.
The Reserve Bank recognises the value that credible new entrants can bring.
Future and Global Status
Revolut reported 68.3 million retail customers at the end of 2025 and now says it has more than 80 million.
In the US, Revolut is not yet a bank. It holds only conditional approval for a national bank charter, granted by the Office of the Comptroller of the Currency in September.
In New Zealand, Revolut is registered under the Banking (Prudential Supervision) Act 1989. The Deposit Takers Act, which replaces that regime, comes into force on December 1, 2028, according to the central bank.
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