Revolut receives New Zealand banking licence

By Divya Shah

Why it matters: Revolut’s expansion highlighted growing competition in digital banking, increased cross-border investment and wider access to technology-driven financial services.

UK-based FinTech company Revolut has launched its banking operations in New Zealand after receiving approval from the Reserve Bank of New Zealand. The company described the launch as making it the country’s first digital bank. 

Revolut first entered the New Zealand market in 2023 and applied for a banking licence in late 2024. Following regulatory approval, the company began rolling out its banking products, including Instant Access Savings accounts.

The expansion was led by Ryan Brosnahan, a former ANZ executive who was appointed CEO of Revolut Bank New Zealand in July 2026. 

As part of its expansion plans, Revolut committed to investing NZD 120 million (approximately $67 million) in New Zealand over the next five years. The investment was expected to support product development, business growth and an expansion of the company’s local workforce. 

Revolut Founder and CEO Nik Storonsky said the launch as an important step towards building a global digital bank. He also highlighted that New Zealand became the company’s seventh banking licence overall and its fifth banking licence secured during 2026. 

The launch formed part of Revolut’s wider international expansion strategy. The company held banking licences in 34 markets, including the UK, Europe and Australia, and had also secured new licences and regulatory approvals in Colombia, Mexico, Peru and the UAE. It had additionally received conditional approval from the US Office of the Comptroller of the Currency for a national bank charter. 

Revolut served approximately 80 million individual customers, with around one million new customers joining every 17 days. 

The New Zealand launch further expanded Revolut’s international banking presence and strengthened its position in the global digital banking market.