🎉 Revolut🇬🇧🇱🇹 expands into New Zealand🇳🇿: secures a banking licence and opens up promising growth opportunities

🎉 Revolut🇬🇧🇱🇹 expands into New Zealand🇳🇿: secures a banking licence and opens up promising growth opportunities

Following approval from the Reserve Bank of New Zealand (RBNZ), on November 3, the British-Lithuanian neobank Revolut began operating in the market under the name Revolut Bank New Zealand. Its registration makes it the country's first digital bank.

💡 The initial offering includes instant-access savings accounts, providing new retail customers with a variable introductory interest rate of 3.50% per year for the first 4 months. Interest is calculated daily, and no withdrawal penalties apply.

💡 Customers already using Revolut in New Zealand will be automatically transferred to the new banking entity. Following registration, eligible deposits of up to USD 58,000 per customer are protected under New Zealand's Depositor Compensation Scheme (DCS).

💡 Over the next 5 years, the company has committed to investing approximately USD 67 million in its New Zealand operations. The funds will go toward product development, growth and hiring local employees.

💡 Background: Revolut entered the New Zealand market in 2023. Its registration in the country marks the company's seventh banking licence and its fifth in 2026. Revolut has approximately 80 million customers worldwide.

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