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Revolut, the UK-based FinTech giant, is extending its global reach with a strategic focus on New Zealand. While the company already serves customers in the region, it is now aiming to become the country’s first global digital bank by applying for a banking license from the Reserve Bank of New Zealand.
The move, announced in a press release on December 6, underscores Revolut’s commitment to reshaping New Zealand’s banking landscape.
“Receiving a banking license will result in Revolut becoming the first global digital bank in [the] market, enabling it to continue delivering innovative and essential financial services that meet the needs of Kiwis who have long been underserved by traditional banking players,” the release stated.
The license would allow Revolut to offer interest-bearing savings products and a wider range of credit options, empowering New Zealanders with more diverse financial tools.
Growing Footprint in New Zealand
Revolut launched operations in New Zealand in 2023 and has already processed over 350 million New Zealand dollars (approximately $206 million) in transactions. This milestone reflects the growing adoption of Revolut’s financial services among Kiwis, who have traditionally faced limited options in the digital banking space.
Charlie Short, Revolut’s head of growth, emphasized the company’s dedication to accelerating growth in key markets, including Australia, New Zealand, and Singapore.
Global Expansion Strategy
Revolut’s ambitions extend beyond the South Pacific. Earlier this year, the company explored expansion into Gulf Cooperation Council (GCC) countries, including the United Arab Emirates. Speaking at the Dubai FinTech Summit, CEO Nik Storonsky outlined the vision of building a “truly global bank.”
Storonsky also hinted at the company’s plans to secure a banking license in the United States, a move he sees as critical to competing in the credit-driven American market.
“In the U.S., you need to be credit-driven. So, in the U.S., we need to have a banking license to launch a product,” he said during a recent conference in Finland.
A New Approach to Growth
Reflecting on Revolut’s early expansion strategies, Storonsky acknowledged that the company’s initial “grow fast” ethos had its drawbacks.
“For a long time, I wanted to be as less regulated as possible. It was the completely wrong decision,” he admitted.
Today, Revolut’s more measured approach to growth focuses on leveraging regulatory frameworks to build trust and stability in new markets.
The Road Ahead
Revolut’s potential entry into New Zealand’s banking sector signals a significant shift in the country’s financial services landscape. By introducing innovative, customer-centric products, Revolut aims to fill gaps left by traditional banks and empower New Zealanders with modern financial solutions.
As Revolut continues its global journey, its strategic focus on securing licenses and adhering to regulatory standards may well redefine what it means to be a digital-first bank.
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