Revolut receives New Zealand banking approval
The London-based fintech plans savings accounts paying interest and more credit products as it becomes New Zealand’s 27th registered bank.
New Zealand’s central bank has granted bank registration to Revolut Bank New Zealand, opening the way for the fintech to offer more financial services. The approval brings the number of registered banks in the country to 27.
The company plans to add savings accounts paying interest and widen its credit offering. Revolut entered the New Zealand market in July 2023 and submitted its banking application in late 2024.
Scott McKinnon, director of specialist supervision at the Reserve Bank of New Zealand, said credible newcomers could improve competition, resilience and inclusion. He also stressed that registration involves rigorous scrutiny, with identical banking requirements applied to all applicants.
The central bank said the registration was approved under existing banking law. Its replacement, the Deposit Takers Act, is scheduled to take effect on 1 December 2028.
Revolut’s other approvals include a full UK banking licence obtained in March following a wait lasting several years. In July, it received an unrestricted licence from Australia’s regulator—the company’s first such approval in Asia-Pacific.
