Revolut, the global financial super-app, has applied for a banking license in New Zealand, marking a significant step toward expanding its services in the region.
Strong Local Growth Since Launch
Since its debut in New Zealand in 2023, Revolut has seen robust growth, processing over NZ$350 million in transactions and rolling out 18 products and features. These include spending notifications, bill-splitting tools, and competitive FX rates, alongside core transaction account services.
Ambitions as a Digital Bank
If approved, the banking license will enable Revolut to compete directly with established local banks by offering interest-bearing savings accounts and a broader suite of credit products.
Georgia Grange, Head of New Zealand at Revolut, stated:
“Kiwis have been underserved for decades, facing a lack of innovation, core functionality, and high fees. Revolut aims to change that. Securing a banking license will allow us to become the first global digital bank in New Zealand, driving much-needed competition across the industry.”
Collaboration with Regulators
Revolut has expressed its commitment to working with the Reserve Bank of New Zealand during the application process. If successful, this would cement Revolut’s position as a disruptor in New Zealand’s financial services sector, promising greater choice and enhanced digital banking experiences for consumers.