Revolut has launched Revolut Bank New Zealand after receiving approval from the Reserve Bank of New Zealand to register as a local bank.
The company said the approval makes Revolut the country’s first digital bank.
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Revolut plans to invest NZ$120m ($67.3m) in New Zealand over the next five years.
The funding will support product development, business growth, and an expanded local employee base.
Among the first services is an instant access savings account for new retail customers, offering a 3.50% p.a. variable introductory savings rate for the first four months.
Interest will be paid daily, and customers will not face withdrawal penalties.
Existing Revolut customers in New Zealand will move to the new bank automatically. No action is required from users.
Eligible customer deposits of up to NZ$100,000 will now be covered by the New Zealand depositor compensation scheme (DCS).
Revolut Bank New Zealand CEO Ryan Brosnahan 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.”
Revolut is licensed as a bank in 34 markets, including the UK, Europe, Australia, and New Zealand. It has also received new licences and authorisations in the UAE, Mexico, Colombia, and Peru.
Separately, the company is progressing its US bank charter application with the OCC and has approval to acquire Banco Cetelem in Argentina.
