Revolut launched in New Zealand. It seeks to increase customer choice and financial sector competition by addressing the absence of digital solutions.
With over 30 million users globally, Revolut is the world’s most popular financial app. Its services have now been made available in New Zealand. Revolut introduces a variety of digital money options to New Zealand following a fruitful testing phase and with more than 26,000 Kiwis on its waitlist.
In order to support its product offerings, such as wealth and trading, the company is also actively recruiting a local staff.
With its launch into the New Zealand market, Revolut answers persistent concerns about the financial sector’s lack of digital offerings and competitiveness. Due to the mistrust that over 40% of Kiwi consumers have for traditional banks, Revolut’s digital-first strategy strives to promote competition and expand consumer choice.
Prior to the launch, Revolut collaborated with local industry groups like Fintech New Zealand, Consumer New Zealand, and Payments New Zealand as well as authorities to make sure the product respects all legal requirements and meets the needs of New Zealanders.
Revolut offers peer-to-peer payments, split group bills, and quick, fee-free foreign exchange to New Zealanders. More than 200 currencies are also available for sending and spending.
“We are incredibly excited to be launching Revolut in New Zealand to enable Kiwis to have 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,” said Matt Baxby, CEO of Revolut Australia & New Zealand.
He also emphasized the company’s enthusiasm for expanding consumer choice and fostering competition in New Zealand’s “traditionally underserved” financial services industry.
98% of regular Kiwis desire a financial tool that gives them better insight and control over their money, according to Revolut’s research. It is also offering 1000 users the chance to win a rare Gold Metal Revolut card by joining up as part of the launch celebration. The special cards are usually NZD$88 in price and weigh 18 grams of solid, strengthened steel.
