Revolut, the global financial super app with over 30 million customers worldwide, has officially launched its services in New Zealand. After a successful testing period and with more than 26,000 Kiwis on its waitlist, Revolut brings a range of digital money solutions to the country.
The company is also actively hiring a local team to support its product offerings, including wealth and trading.
Revolut’s entry into the New Zealand market addresses long-standing issues of limited competition and digital offerings in the financial sector. With nearly 40 per cent of Kiwi consumers expressing distrust in traditional banks, Revolut’s digital-first approach aims to foster competition and enhance consumer choice.
In the lead up to the launch, Revolut has 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 New Zealanders and satisfies all regulatory requirement.
New Zealanders can use Revolut to access instant and fee-free foreign currency exchange, peer-to-peer payments as well as split group bills. They can also send and spend in more than 200 currencies.
Matt Baxby, CEO Revolut Australia & New Zealand, 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.
He also stressed the company’s excitement at increasing consumer choice and driving competition across the financial services sector in New Zealand “which has traditionally been underserved”.
According to research conducted by Revolut, 98 per cent of everyday Kiwis want a money tool that gives them better visibility and control over their money.
To celebrate the launch, Revolut is also giving 1000 people the chance to win a rare Gold Metal Revolut card by signing up. The exclusive cards typically have a price tag of NZD$88 and consist of 18 grams of solid reinforced steel.