Revolut Gains Bank Licence in New Zealand
Revolut became a registered bank in New Zealand on Tuesday, nearly two years after submitting its application. The Reserve Bank of New Zealand approved the firm as the country’s 27th registered bank.
The registration moves local customers into the government-backed Depositor Compensation Scheme, covering eligible deposits up to NZ$100,000. This adds a layer of protection not available under the previous financial-service provider status.
With banking status, the company can now pay interest on savings accounts, a capability it lacked as a registered financial service provider.
The firm launched in New Zealand in July 2023, offering payments, currency exchange and crypto trading. It applied for a banking licence in December 2024 after processing roughly NZ$350 million in local transactions.
The first product is a savings account that offers a variable 3.50% rate to new retail customers for the initial four months, with interest credited daily.
The company announced a commitment of NZ$120 million to its New Zealand operations over five years and said credit products will be introduced later.
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Compared with its UK journey, where a full banking licence took about two years after a period of restricted operations, the 23-month approval in New Zealand suggests a relatively swift regulatory process.
Most of the firm’s banking licences were secured this year. Australia’s prudential regulator granted an unrestricted licence in July, and a month later the European Central Bank approved a second EU bank in France, alongside the Lithuanian entity that serves the rest of the bloc.
Chief Executive Nik Storonsky noted that the New Zealand registration brings the total to seven bank licences, five of which were obtained this year.
At the end of 2025 the company reported 68.3 million retail customers and now claims a base exceeding 80 million. The New Zealand bank is led by Chief Executive Ryan Brosnahan, who said the market is primed for disruption.
RBNZ director of specialist supervision Scott McKinnon said the regulator assesses each applicant against the same requirements and recognises the value credible new entrants can bring.
In the United States, the firm holds only conditional approval for a national bank charter from the Office of the Comptroller of the Currency. In New Zealand it operates under the Banking (Prudential Supervision) Act 1989; the Deposit Takers Act will replace that framework on 1 December 2028.
