Revolut becomes New Zealand's first digital-only bank
In this story Reserve Bank of New Zealand
The Reserve Bank has granted a banking licence to London-based fintech Revolut, making it the country's 27th registered bank. As the first digital-only bank in New Zealand, the company plans to invest $120 million into local operations and will offer services such as savings accounts and credit cards.
Key facts
5 facts
- Revolut is New Zealand's 27th registered bank
- The company has pledged to invest $120 million in New Zealand over five years
- Deposits are protected by the Depositor Compensation Scheme up to $100,000
- Revolut has operated in New Zealand since July 2023
- The company employs about 60 people in New Zealand
The full story
1 min read · 4 outlets
Revolut has become the first digital-only bank to be officially registered in New Zealand. The Reserve Bank granted the London-headquartered fintech a banking licence following a two-year application process. This makes Revolut the country's 27th registered bank.
The new licence allows Revolut Bank New Zealand to hold deposits and participate in the Depositor Compensation Scheme, which guarantees up to $100,000 per depositor if the bank fails. The company has pledged to invest $120 million into the local market over the next five years.
Revolut New Zealand chief executive Ryan Brosnahan said the licence is a "launchpad for our next chapter". The company plans to launch savings accounts and will release a credit card in the coming months. Brosnahan noted the bank aims to be a "one-stop money management shop".
The company currently has more than 100,000 mostly personal users in New Zealand. It operates without physical branches and employs approximately 60 people in the country.
How it developed
- Tue 3 Nov, 10:56amRevolut was valued at US$115 billion in its latest funding round and holds an investment-grade BBB+ credit rating from S&P Global.
Where reports differ
- One report describes Revolut as the first financial technology company to receive a licence, while another calls it the first digital bank.
Compiled from reports by NZ Herald, The Post, 1News and RNZ.