Revolut has secured a banking license in New Zealand from the country's Reserve Bank. The company will operate as Revolut Bank New Zealand, the nation's first digital bank. It plans to invest NZ$120 million into its local operations over the next five years.
New Zealand operations
The registration makes Revolut an official bank in the country. Existing customers will be transitioned seamlessly to the new entity. Their eligible deposits are now protected by the New Zealand Depositor Compensation Scheme.
Global footprint
Revolut is a global financial company with more than 80 million customers. This marks its seventh banking license globally and its fifth this year. The company now operates as a licensed bank in 34 markets.
Savings accounts launch
Revolut is immediately launching new products, including an Instant Access Savings account. New retail customers will receive a 3.50% variable introductory savings rate for four months. The scheme protects eligible deposits up to NZ$100,000.
The five-year investment will fund product innovation, growth, and local hiring. Revolut is also advancing its bank charter application in the US. It is pursuing further licenses and acquisitions in the UAE, Latin America, and Argentina.