Revolut Becomes First Fintech Bank Registered in New Zealand

The Reserve Bank of New Zealand granted a banking registration license to Revolut Bank NZ, making it the 27th registered bank in the country and the first fintech to receive such status. The London-based firm, which has operated as a financial services provider since July 2023, is now a regulated deposit-taker. This transition allows the company to offer instant-access savings accounts for personal and business customers protected under the Depositor Compensation Scheme.

Revolut plans to invest $120 million over the next five years to expand its local digital infrastructure and acquire customers. The company is launching savings accounts with a promotional 3.50% p.a. variable introductory rate for four months on balances up to NZ$50,000 and intends to release a credit card in the coming months. It currently has no plans to offer mortgages.

The move challenges a market where four Australian-owned high-street banks hold over 80 percent of the market share. S&P Global Ratings assigned the entity a long-term issuer credit rating of 'BBB+' with a positive outlook, noting that the New Zealand operation is guaranteed by its UK-based parent company. The Reserve Bank of New Zealand confirmed that the firm met all required prudential and statutory standards for registration.