Financial super app Revolut has launched in New Zealand with over 26,000 Kiwis already on its waitlist, the company said.
The launch, which follows a 12-month test period, means New Zealand residents can now use the money app to hold, send and spend in multiple currencies as well as access fee-free foreign currency exchange, peer-to-peer payments, and split group bills. A key benefit to users of the app is the ability to save, track and manage all of one’s finances in one digital location.
By penetrating the financial services market in the country, Revolut said in a statement it hopes to both increase consumer choice and drive market competition. In 2022, Kiwis reportedly spent $1.4 billion NZD on personal remittances, amounting to $43.2 million NZD in fees. Revolut said its app can increase savings by eliminating bank charges, which on average, are between 3% and 4% on individual remittance transactions.
Revolut’s Australia & New Zealand CEO, Matt Baxby said: “We are incredibly excited to be launching Revolut in New Zealand to enable Kiwis a seamless and affordable global money management experience, secure budgeting and analytics features and advanced physical and digital card control capabilities, in one seamless location. We are excited to not only empower Kiwis with greater financial well-being, control, convenience, and transparency, but also increase consumer choice and drive competition across the financial services sector in New Zealand which has traditionally been underserved.”
Among its budgeting tools Revolut said it offers a round-up feature which automatically stashes away spare change made via card payment rounded up to the nearest dollar, to a functionality that enables users to send and request money from each other instantly and for free, to a ‘split the bill’ feature that lets Kiwis split group bills such as utilities, housing costs and restaurant and bar bills at the tap of a button.
In the lead up to its New Zealand launch, the company worked with local industry bodies including Fintech New Zealand, Consumer New Zealand and Payments New Zealand as well as regulators to ensure the product meets the needs of Kiwis and satisfies all regulatory requirements.
Photo by Sophie Dupau via Unsplash
