Revolut has announced its launch as New Zealand’s first digital bank after securing its seventh banking licence globally.

The Reserve Bank of New Zealand confirmed the registration, making Revolut the country’s 27th registered bank.

Revolut plans to invest NZ$120 million over the next five years to expand its products, operations and local workforce.

Ryan Brosnahan, CEO at Revolut Bank New Zealand, said,

“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.”

Nik Storonsky, Founder and CEO of Revolut, said,

“Launching our New Zealand bank marks another significant step in our mission to build the world’s first truly global bank.

Securing our seventh bank licence and our fifth this year alone, is a testament to our business model and our team.”

The bank has begun rolling out Instant Access Savings accounts.

Eligible new customers can earn an introductory variable rate of 3.50 percent per annum for four months on balances up to NZ$50,000.

The accounts pay interest daily and allow withdrawals without penalties.

Under New Zealand’s Depositor Compensation Scheme, eligible New Zealand dollar deposits of up to NZ$100,000 per depositor are protected.

Existing customers will be transitioned to the new banking entity without needing to take action.

The approval marks Revolut’s fifth banking licence secured in 2026.

The company serves more than 80 million customers worldwide and operates as a licensed bank in 34 markets.

Featured image: Edited by Fintech News Australia, based on image by Frolopiaton Palm via Magnific