Revolut applies to be New Zealand’s First Global Digital Bank

By Gloria Mathias

Revolut, the global financial technology company, has announced that it has submitted its application to become a registered bank in New Zealand.

As Revolut enters the assessment phase, it will collaborate closely with the Reserve Bank of New Zealand (RBNZ) throughout the review process.

Receiving a banking license will result in Revolut becoming the first global digital bank in the market. This will enable it to continue delivering innovative and essential financial services that meet the needs of Kiwis, who traditional banking players have long underserved. This will include the ability to offer interest-bearing savings products and a broader range of credit options tailored to empower Kiwis and enhance their financial management.

Since launching in New Zealand in 2023, Revolut has seen strong growth momentum, highlighting the need for market disruption. This includes growing customer adoption and transactions processed to date.

Other offerings available to Revolut customers include access to a range of wealth products, such as digital commodities and crypto. Recently, Revolut launched eSIM data plans, bolstering its growing lifestyle offering. The company is expected to launch additional travel benefits early next year.

Georgia Grange, Head of New Zealand at Revolut, said, “Underserved for decades, Kiwis have had to put up with a lack of innovation, core functionality, and high fees. Revolut is here to change that. We don’t limit our thinking to traditional banking products and are committed to enhancing the hauora (well-being) of Kiwis and providing them with innovative solutions to manage their money. Receiving a banking license will allow Revolut to become the first global digital bank in New Zealand and will drive much-needed competition across the industry. We look forward to working with the Reserve Bank of New Zealand on our application.”

Matt Baxby, Australia and New Zealand CEO of Revolut, said, “Since launching in New Zealand last year, we have experienced strong growth, and we’re just getting started. It’s clear that the market is primed for disruption, and Kiwis are seeking innovative solutions that meet their needs. Becoming a bank will allow us to fulfil our purpose of being ‘one app, all things money’ while ensuring we continue to maintain the highest regulatory standards.”