UK Financial App Revolut Unveils Financial Services In New Zealand
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Revolut, a financial app based in the UK, has launched its services in New Zealand. The move will allow customers in New Zealand to use the app to exchange foreign currencies, make peer-to-peer payments, split bills, and support the ability to transfer and spend over 200 currencies.
Revolut expands financial services in New Zealand
A press release by the company said that the transition would change how people in the country managed their money. The platform also had a waitlist of more than 26,000 locals in an initiative that showed that people in New Zealand were embracing the change. The launch would allow these customers to digitize their finances.
The CEO of Revolut’s Australia and New Zealand, 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.”
The new users that Revolut will onboard in New Zealand will join the over 30 million customers that the platform supports globally. Besides giving these customers access to a payments feature, Revolut will also allow users to track their spending easily while also receiving assistance with budgeting to grow their financial well-being.
The Revolut financial platform claims that the availability of financial services in New Zealand is limited. The company referred to a past survey done by Consumer NZ showing that 40% of clients across the region did not have trust in their banks.
The fintech company has also said that banks operating in the region did not support the highest level of innovation despite recording massive profits. The gap that was left by these banks was what Revolut was planning to address.
New Zealand is among the countries around the world supporting open banking to boost competition levels and ensure that consumers have access to better deals. In 2021, the country set up a consumer data rights model mandating that data holders guarantee that people across the country have access to many products and services that meet their needs.
Revolut is expanding its global presence
In November last year, the founder and CEO of Revolut, Nik Storonsky, informed Bloomberg that the company wanted to expand across India, the Philippines, and New Zealand. It also wanted to increase the number of customers it has in the Asian region from 600,000 to at least 10 million by the end of 2025.
The platform’s growing global presence has also led to an increase in the number of customers. In November 2022, Revolut had 600,000 customers, but this number has since increased to 30 million retail customers on June 1.
Besides expanding its global footprint, Revolut is also growing the number of products and services on the platform. In June, the neobank launched a robo-advisor tool on its financial app, targeting users in the US. The tool supports automated portfolio management through algorithms and computer programs to make the trading experience better.
