Revolut registered as New Zealand’s 27th bank

Economy · First reported 2 Nov, 20:34 · Updated 20:46

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New Zealand’s Reserve Bank registered Revolut Bank New Zealand, enabling the company to provide banking services there. Revolut says it plans to offer savings accounts and more credit products; a second report adds that the bank reported recent losses and received an S&P rating.

The Reserve Bank of New Zealand registered Revolut Bank New Zealand as the country’s 27th bank, allowing it to provide banking services.
Revolut has operated in New Zealand since July 2023 and plans to introduce interest-paying savings accounts and a wider range of credit products.
A disclosure cited by CNA showed a NZ$4.9 million after-tax loss for the seven months to July 31, 2026; S&P assigned the bank a BBB+ long-term issuer credit rating.

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Key facts

Registration: Revolut Bank New Zealand became the country’s 27th registered bank.
New Zealand operations: Revolut has operated there since July 2023.
Planned offerings: Interest-paying savings accounts and a broader range of credit products.
Reported loss: NZ$4.9 million after tax for the seven months to July 31, 2026.
S&P rating: BBB+ long-term issuer credit rating; S&P described the bank’s credit profile as weaker than major New Zealand banks.
Regulatory change: The Deposit Takers Act is due to come into force on December 1, 2028.