Revolut has applied to become a registered bank in New Zealand.
Since launching in New Zealand in 2023, Revolut has seen strong growth momentum, with over NZ$350M in transactions processed to date. The global super-app has also delivered 18 products and features over the past 17 months, including spending limit notifications, split bills alongside transaction accounts and competitive FX rates.
A banking licence will give the firm the ability to take on incumbent financial institutions by offering interest-bearing savings products and a broader range of credit options.
Georgia Grange, head of New Zealand at Revolut says: "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. 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.”