Revolut has become New Zealand's 27th bank, after the Reserve Bank granted the London-based platform a banking licence.

This will enable Revolut to hold deposits and participate in the Reserve Bank’s Depositor Compensation Scheme. 

Revolut CEO Ryan Brosnahan says this is an 'exciting' opportunity. 

"We find that customers actually want to interact with their phones, rather than walking into a branch - and so we've built the entire business around that." 

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