Revolut has secured a banking licence from the Reserve Bank of New Zealand – making it the country’s first digital bank.
The UK-headquartered global powerhouse has committed to invest NZ$120 million (£50m) into its local operations over the next five years.
Revolut, which has more than 80m customers worldwide, is now operating as a licensed bank in 34 markets, including the UK, Europe and Australia.
Recent regulatory milestones include securing new licenses and authorisations in the UAE, Mexico, Colombia and Peru; advancing its US bank charter application with the OCC; and gaining approval to acquire Banco Cetelem in Argentina.
“Launching our New Zealand bank marks another significant step in our mission to build the world’s first truly global bank,” said Nik Storonsky, founder and CEO of Revolut.
“Securing our seventh bank licence and our fifth this year alone, is a testament to our business model and our team. We are confident our offering will bring true competition to the New Zealand banking sector.”
Ryan Brosnahan, CEO at Revolut Bank New Zealand, commented: “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.
“Since launching here in 2023, we have experienced massive growth. 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.”