Revolut Bank New Zealand Registered by RBNZ
Revolut says the Reserve Bank of New Zealand (RBNZ) registered it as a bank earlier today, 3 November 2026. A registered bank is a firm the RBNZ has authorised to take deposits as a bank. The release calls the new entity Revolut Bank New Zealand and commits NZ$120m to the local market over five years, for product innovation, growth and a larger employer footprint.
What changes for customers
Revolut has operated in New Zealand since July 2023 through Revolut Payments New Zealand Pty Ltd, a payments business. Revolut says the transition for existing customers is automatic and needs no action from them, and that it begins today. Eligible deposits are now covered up to NZ$100,000 by the Depositor Compensation Scheme, New Zealand’s deposit insurance. Revolut describes itself as the country’s first digital bank, a company claim.
Neobanks (app-based challengers without branches), payment providers and other firms competing for New Zealand retail and business balances will be watching how that deposit cover is offered. Firms that use Revolut as a payments or settlement counterparty in New Zealand may want to ask how the move of customers to the bank entity affects their arrangements.
Nik Storonsky, founder and chief executive of Revolut, said in the release:
Launching our New Zealand bank marks another significant step in our mission to build the world’s first truly global bank. Securing our seventh bank licence and our fifth this year alone, is a testament to our business model and our team. We are confident our offering will bring true competition to the New Zealand banking sector.
Nik Storonsky, founder and CEO, Revolut
Ryan Brosnahan, chief executive of Revolut Bank New Zealand, called becoming a bank a defining moment for the firm.
Part of a wider licensing push
By Revolut’s own count, this is its seventh bank licence, its fifth this year, and it is now a licensed bank in 34 markets, with more than 80 million customers globally. Its recent announcements include a banking licence in Colombia on 15 September 2026 and conditional approval from the Office of the Comptroller of the Currency (OCC), the US federal bank regulator, for a national bank on 3 September 2026. Approval in Argentina on 24 September 2026 was for the acquisition of Banco Cetelem, not a new licence.
What is not known
Revolut’s release does not state the conditions or scope of the New Zealand licence, so what the bank may and may not do under the RBNZ’s terms is not yet clear.
Source: Revolut release, 3 November 2026
