Revolut Becomes a Registered Bank in New Zealand

Revolut has become a registered bank in New Zealand after completing a lengthy approval process with the Reserve Bank of New Zealand.

The move strengthens the company's position in the country and marks an important step in its shift from fintech challenger to fully regulated banking provider.

The change brings immediate benefits for customers. Eligible deposits are now protected under New Zealand's Depositor Compensation Scheme, with cover of up to NZ$100,000.

Revolut can also offer interest-bearing savings products. This expands its banking offering beyond the services it previously provided as a registered financial service provider.

The company launched in New Zealand in 2023 and has steadily built its presence through payments, foreign exchange and cryptocurrency trading services.

Revolut has already processed hundreds of millions of dollars in local transactions. Securing banking registration gives it a stronger platform to build customer relationships, increase trust and compete more directly with established banks in the market.

The approval is a significant step in the company's growth plans and increases its ability to provide a broader range of banking services to customers in New Zealand.

What RHR thinks

We believe this development shows how important regulatory approval remains for fintech firms. It allows companies to expand their product range, build stronger customer confidence and support faster growth in new and existing markets.

What this means for hiring. The move could support demand for compliance, risk, product and banking operations roles as Revolut expands its regulated banking services in New Zealand. Growth in savings products and broader banking activities may also increase hiring needs across customer-facing and support functions.