Revolut Launches In New Zealand With A 26,000-Member Waitlist

The British app Revolut for managing money has just come out in New Zealand.

Revolut said in a press release on Monday, July 3, that customers in the country can now use the app to switch foreign currencies, make peer-to-peer payments, split bills, and send and spend in more than 200 currencies.

“Revolut is thrilled to be launching in New Zealand to revolutionize the way Kiwis manage their money, and our waitlist of over 26,000 locals is a clear demonstration that Kiwis feel the same,” Revolut Head of New Zealand Georgia Grange said in the release. “From digitizing the way they track their spending, to enhancing their global travel experience, Revolut will be the first of its kind for New Zealanders.”

A press statement says that the new users in New Zealand join the more than 30 million people who use the Revolut app around the world.

In addition to payment features, Revolut users can easily keep track of how much they spend, get help with planning, and improve their financial health, according to a press release.

“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,” Revolut Australia and New Zealand CEO Matt Baxby said in the release.

In November 2022, it was said that New Zealand was following other countries in adopting open banking to make the market more competitive and help consumers get better deals.

In 2021, the country passed a law called the Consumer Data Rights Framework. This law says that data holders, like banks, have to make sure that New Zealanders can get a wider range of goods and services that meet their needs better.

Nik Storonsky, the founder and CEO of Revolut, told Bloomberg in November 2022 that the company was thinking about growing to New Zealand, India, and the Philippines and adding at least 10 million users in Asia by the end of 2025.

Since November 2022, the financial platform has gained more than 5 million users around the world. On June 1, it reached 30 million retail customers.