Revolut has secured a banking licence in New Zealand, becoming the country's first digital bank and marking the latest step in its global expansion strategy.

The Reserve Bank of New Zealand has registered the FinTech as a bank, allowing it to launch as Revolut Bank New Zealand. The company also pledged to invest 120 million New Zealand dollars (£50.3 million) in its New Zealand operations over the next five years, covering product development, growth and recruitment.

Revolut said the licence will enable it to begin rolling out banking products, including instant access savings accounts protected by the New Zealand Depositor Compensation Scheme. Existing Revolut customers in New Zealand will move to the new banking entity automatically.

The announcement marks Revolut's seventh banking licence globally and its fifth secured during 2026. The company now operates as a licensed bank in 34 markets.

Alongside its New Zealand licence, Revolut recently secured new licences and authorisations in France the UAE, Mexico, Colombia and Peru, while continuing its US banking charter application and pursuing the acquisition of Banco Cetelem in Argentina.

Revolut said the banking licence will strengthen competition in New Zealand's banking sector, which has traditionally been dominated by established lenders. The company added that eligible customer deposits of up to 100,000 New Zealand dollars will now receive protection under the country's Depositor Compensation Scheme.

Nik Storonsky, founder and chief executive officer of Revolut, said: "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."

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