From The Next Web · Ana-Maria Stanciuc · · 1m 20s
Revolut becomes New Zealand's 27th registered bank
The London-based fintech has won banking approval in New Zealand, its seventh licence globally and fifth this year, as it expands ahead of a possible public listing.
In brief
The London-based fintech has won banking approval in New Zealand, its seventh licence globally and fifth this year, as it expands ahead of a possible public listing. Revolut has been registered as a bank in New Zealand, becoming the country's 27th registered bank and its seventh licence globally. Originally reported…
Revolut wins New Zealand banking approval
The Reserve Bank of New Zealand approved Revolut as a bank on Tuesday, local time, making it the country's 27th registered bank. The London-based fintech has operated in New Zealand since July 2023.
Revolut plans savings accounts and credit products
Revolut said approval would make it the first global digital bank in New Zealand. It plans to introduce interest-paying savings accounts and a broader range of credit products in the country.
Seventh licence in a year of expansion
This is Revolut's seventh bank licence globally and its fifth this year.In March it secured its full UK banking licence.In July, Australia's regulator granted it an unrestricted banking licence, its first in the Asia-Pacific region.
Expansion ahead of possible public listing
Revolut continues to build its international presence ahead of a possible public listing.The company was valued at seventy five billion dollars in a share sale last year, making it Europe's most valuable private tech company.
“Launching our New Zealand bank marks another significant step in our mission to build the world's first truly global bank.”
The big picture
Revolut has been registered as a bank in New Zealand, becoming the country's 27th registered bank and its seventh licence globally.
