Following approval from the Reserve Bank of New Zealand (RBNZ), UK-based Revolut has started operating locally as Revolut Bank New Zealand, effective 3 November 2026. According to the announcement, the registration makes Revolut the first digital bank in the country. Alongside the launch, the company has committed to investing approximately USD 67 million in its New Zealand operations over the next five years, with the funds allocated to product development, growth, and local hiring.
Products available from launch
Revolut Bank New Zealand has begun rolling out its banking products since the first day of operation. The initial offering includes Instant Access Savings accounts, which provide new retail customers with a variable introductory rate of 3.50% per annum for their first four months. Interest is paid daily, and no penalties apply to withdrawals.
Customers already using Revolut in New Zealand are being moved to the new banking entity automatically and do not need to take any action. As a result of the registration, eligible deposits of up to approximately USD 58.000 per customer are now protected under the New Zealand Depositor Compensation Scheme (DCS). In addition, the customer transition process began on the launch date, with DCS coverage applying automatically to eligible balances.
Competition in the New Zealand banking market
Revolut entered New Zealand in 2023, and the company reports significant growth in its local customer base since then. It presents the bank registration as a means of introducing additional competition into a sector it describes as long dominated by traditional players.
Nik Storonsky, Founder and CEO of Revolut, said that Revolut expects its offering to bring competition to the New Zealand banking sector. Ryan Brosnahan, CEO at Revolut Bank New Zealand, described the registration as the foundation for the next phase of the company’s local operations, following its initial market entry.
The move from a non-bank presence to a registered bank allows Revolut to offer deposit products with statutory protection, a structural change for the firm’s position in the market compared with its earlier operating model in the country.
Licensing strategy across markets
The New Zealand registration is Revolut’s seventh bank licence and the fifth it has obtained in 2026. The company, which reports more than 80 million customers globally, states that it now operates as a licensed bank in 34 markets, including the UK, Europe, Australia, and New Zealand. Within the Asia-Pacific region, the New Zealand launch follows the company’s existing banking presence in Australia.
The announcement also outlines a series of other recent regulatory developments. Revolut has secured new licences and authorisations in the UAE, Mexico, Colombia, and Peru, and is progressing its application for a US bank charter with the Office of the Comptroller of the Currency (OCC). In Argentina, the company has received approval to acquire Banco Cetelem.
Taken together, these steps reflect Revolut’s stated objective of building a global banking business, with the company pursuing local licences market by market rather than relying solely on its existing authorisations.
