Revolut Expands Financial Services to New Zealand

<p>Revolut has launched
financial services for users in New Zealand, marking its first entry into the
market. The London-based fintech
firm said that users in the region can access foreign currency exchange services and peer-to-peer payments, among other services, through its financial app.</p><p>The financial app supports more than 200 currencies and charges no fees on foreign <a href="https://www.financemagnates.com/terms/e/exchange/">exchange</a>
transactions, <a href="https://www.financemagnates.com/tag/revolut/" target="_blank" rel="follow">Revolut</a> said in an official statement. Additionally, the app allows users to hold five major currencies, NZD, AUD, GBP, EUR, and USD, and is integrated with a digital payment card.</p><p>Revolut Registers 26,000 Users in New Zealand</p><p>The launch followed a testing period that lasted for a
year and saw the <a href="https://www.financemagnates.com/terms/f/fintech/">fintech</a> firm sign up 26,000 new users to a waiting list for
the 'super app'. In the statement, the company praised the new service as a
safe and secure money app for users to hold, send, and spend money in several
currencies.</p><p>Commenting about the launch, Matt Baxby, the CEO of Revolut in Australia and New Zealand, said:
"We are incredibly excited to be launching Revolut in New Zealand to
enable Kiwis access a seamless and affordable global money management experience,
secure budgeting, analytical features, and advanced physical and digital card
control capabilities, on one seamless location."</p><p>Revolut claims that
there are few choices in financial services for consumers in New Zealand. The
company cited a survey by Consumer NZ, which revealed that 40% of the consumers
in the region don't trust their banks. According to the fintech firm, the banks in
the region were not innovating enough despite making huge profits. It is a
challenge that <a href="https://www.financemagnates.com/fintech/news/revolut-to-launch-zero-fee-stock-trading-services-in-us/" target="_blank" rel="follow">Revolut</a> aims to address, according to the Monday's statement.</p><p>Geographical Expansion</p><p>Last year, in a report
by Bloomberg, Revolut's CEO and Co-Founder, Nikolay Storonsky, disclosed plans
to expand its operations to New Zealand, India, and the Philippines. The
company currently serves more than 30 million customers in several countries,
including the UK, Europe, Australia, Japan, the US, and Singapore.</p><p>Besides
the geographical expansion, Revolut is expanding its products and services. <a href="https://www.financemagnates.com/tag/revolut/" target="_blank" rel="follow">Finance Magnates</a> reported in June that the neobank was <a href="https://www.financemagnates.com/fintech/revolut-expands-super-app-with-robo-advisor-launch-in-us/" target="_blank" rel="follow">introducing
a robo-advisor</a> to its
financial app for users in the US. The service allows for the automation in management of investment portfolios using computer programs and algorithms.</p>

This article was written by Jared Kirui at www.financemagnates.com.