Revolut obtains a banking licence in New Zealand

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Revolut Bank New Zealand Limited has been registered by the Reserve Bank of New Zealand, becoming the country’s 27th registered bank, and plans to launch instant-access savings accounts for new retail customers, offering a 3.5% floating introductory rate for four months. Revolut plans to invest NZ$120 million in New Zealand over the next five years in product development, growth and expanding its local team; the licence will also bring additional regulatory obligations.