Revolut applies for banking licence in New Zealand

Revolut, a global financial technology company, has submitted an application to become a registered bank in New Zealand.

The company announced its plans to collaborate with the Reserve Bank of New Zealand as it moves through the review process. If granted the licence, Revolut would become the first global digital bank to operate in New Zealand, allowing it to offer traditional banking services alongside its current fintech solutions.

This move would enable Revolut to introduce interest-bearing savings products and a wider range of credit options designed to provide Kiwis with enhanced financial management tools. Since its entry into the New Zealand market in July 2023, Revolut has processed over NZD $350 million in transactions, reflecting strong growth in customer adoption.

Revolut has introduced 18 products and features since its New Zealand launch, including spending limit notifications and split bill options. Its offerings also extend to wealth management products, such as digital commodities and cryptocurrencies. Recently, the company expanded its lifestyle services with eSIM data plans and plans to introduce additional travel benefits in the near future.

Georgia Grange, Head of New Zealand at Revolut, stated, "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 licence 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, CEO of Revolut for Australia and New Zealand, remarked, "Revolut exists to help people get more out of their money, and today's announcement is another step in our journey of delivering that. 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."

During the review period, there will be no changes for New Zealand customers, who can continue to use their Revolut accounts as usual.