Revolut Bank New Zealand has secured official registration from the Reserve Bank of New Zealand. It allows the digital financial services company to operate as a registered bank in the country. The approval makes it New Zealand's 27th registered bank and marks a significant step in the fintech company's expansion.
The Reserve Bank of New Zealand, also known as Te Pūtea Matua, confirmed the registration on Tuesday, November 3. Revolut has operated in the country as a financial services provider since July 2023.
The central bank said the arrival of credible new banking providers could strengthen competition and improve the financial system. Its approval also confirms that Revolut NZ has met the regulatory requirements for bank registration.
Director of specialist supervision Scott McKinnon said, “The Reserve Bank recognises the value that credible new entrants can bring to a competitive, resilient, inclusive and efficient financial system, and we are pleased Revolut NZ has met the required standard for bank registration in New Zealand.”
Revolut sees New Zealand as an attractive market for its digital banking model. Speaking to Stuff two weeks ago, the company said the country's concentrated banking sector offered an opportunity for expansion.
The country's four largest banks, all Australian-owned, account for more than 80% of lending. Revolut believes its app-based services can offer customers an alternative to traditional banking.
Founded in London, Revolut operates through a digital platform without traditional bank branches. The company says some of its products are gaining popularity among New Zealand customers. However, it has not shared its local customer numbers.
“Revolut Bank New Zealand reported an after-tax loss of NZD4.9 million for the seven months ended July 31, 2026. Its previous reported loss was NZD3.5 million in 2025, according to an October disclosure statement.”
S&P Global Ratings assigned the bank a BBB+ long-term credit rating on Tuesday. The agency said Revolut's credit profile was weaker than that of New Zealand's major banks. It pointed to the early stage of the company's business in the country.
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