Revolut applies for New Zealand banking licence
UK challenger Revolut, which recently became Europe’s most valuable private tech company, has submitted an application to become a registered bank in New Zealand.
Revolut applies to become a registered bank in New Zealand
Revolut says that receiving a banking licence in the country will make it the first global digital bank in the market. The challenger, now in the assessment phase, states it will “collaborate closely with the Reserve Bank of New Zealand (RBNZ) throughout the review period”.
Since its 2023 debut in New Zealand, Revolut has rolled out a range of financial products including transaction accounts, and claims it has so far processed more than NZD 350 million (around $200 million) in customer transactions.
The company is now seeking a full banking licence in the country as it looks to “meet the needs of Kiwis who have long been underserved by traditional banking players” by introducing interest-bearing savings products and an expanded range of credit options.
This news comes shortly after the company secured a UK trading licence from the Financial Conduct Authority (FCA) and a restricted UK banking licence from the Prudential Regulation Authority (PRA).
Beyond the UK, the challenger reportedly applied for an electronic money institution (EMI) licence with the Central Bank of the UAE (CBUAE) in September.
Revolut, which posted a $545 million profit for 2023, also recently introduced eSIM data plan offerings and plans to unveil “additional travel benefits early next year”.
