British neobank Revolut has submitted an application to become a registered bank in New Zealand.

If approved, Revolut will become the first global digital bank in the country, it says.

The challenger said that the move would provide essential financial services to a market that has “long been underserved” by traditional banks.

Since launching in New Zealand last year, Revolut has processed NZ$350M in transactions.

The company has also rolled out 18 products and features over the past 17 months, including spending limit notifications, split bills alongside transaction accounts, and FX rates.

Revolut is also offering a range of wealth products, such as digital commodities and crypto.

Recently, Revolut launched eSIM data plans bolstering its growing lifestyle offering, with the company expected to launch additional travel benefits early next year.

"Underserved for decades, Kiwis have had to put up with a lack of innovation, core functionality and high fees," said Georgia Grange, head of New Zealand, Revolut. "Revolut is here to change that. We don’t limit our thinking to traditional banking products and are committed to enhancing the hauora (well-being) of Kiwis and providing them with innovative solutions to manage their money.

"Receiving a banking license will allow Revolut to become the first global digital bank in New Zealand and will drive much needed competition across the industry. We look forward to working with the Reserve Bank of New Zealand on our application.”

Matt Baxby, Australia and New Zealand chief executive said that the company has experienced "strong growth" in the country.

"It’s clear that the market is primed for disruption and Kiwis are seeking innovative solutions that meet their needs," continued Baxby. "Becoming a bank will allow us to fulfil our purpose of being ‘one app, all things money’, while ensuring we continue to maintain the highest regulatory standards.”

In November, Revolut reached 50 million customers globally and secured a UK trading licence from the Financial Conduct Authority (FCA), marking significant progress in its expansion plans.

The London-based company, recently valued at $45 billion, has experienced rapid growth in 2024, adding more than 10 million customers and becoming the most downloaded financial app across Europe.

The firm now serves 10 million customers in the UK alone.

Revolut co-founders Nik Storonsky and Vlad Yatsenko recently revealed that the bank's vision for 2025 includes an AI assistant, mortgages, and ATMs.

During the digital bank’s “The Revolutionaries” event, attended by industry figures across music, business, fashion, sports, gaming, travel and entertainment, the co-founders took the stage to announce plans for the launch of an AI-powered assistant that will help customers with a range of services, including guiding them toward smarter money habits, improving financial decision-making, and simplifying administration.

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