The British financial app Revolut has been launched in New Zealand.
Last Monday, July 3, the company published a press release stating that from now on New Zealand users of the application have access to foreign currency exchange. The company’s clients also gained access to peer-to-peer payments and account splitting. Another possibility for users of the application is to send funds in more than 200 currencies and use funds in the same number of currencies.
The head of Revolut in New Zealand, Georgia Grange, said that the company is revolutionizing the process of disposing of money. She also noted that more than 26 thousand local residents are on the waiting list. According to her, for New Zealanders, the Revolut platform will become an advanced financial services solution, which provides for digitization of ways to track expenses, improve the travel experience in terms of material support for this process, and much more.
Currently, the total number of users of the company’s application is more than 30 million people worldwide. Revolut not only offers services for making payment transactions and tracking expenses but also provides assistance in budget planning and solutions aimed at strengthening financial well-being.
Matt Baxby, CEO of Revolut Australia and New Zealand, says that the operation of the application in the new market will not only provide additional services in this space but also contribute to the intensification of competition in the financial sector and expand consumer choice.
New Zealand is making efforts to create conditions for the introduction of open banking in the country. Modernization of the financial industry allows consumers more favorable offers and stimulates competition. In 2021, a data consumer protection system was introduced in New Zealand. The existence of this system imposes an obligation on financial institutions to expand the list of products and services that better meet the needs of customers.
The founder and CEO of Revolut, Nik Storonsky, in November 2022, during a conversation with journalists, announced his intentions regarding activities in India, New Zealand, and the Philippines. He also announced an ambitious plan to increase the number of the company’s customers in Asia from the current 660 thousand to 10 million by the end of 2025.
Since November 2022, Revolut’s customer base has increased by more than 5 million people, reaching a landmark of 30 million users as of June 1, 2023.
Prior to launching the app in New Zealand, the company had already begun to explore the Asia-Pacific region, providing services in Australia, Singapore, and Japan.
As we have reported earlier, Revolut to Begin Offering Loans in France.