Revolut launches business platform for New Zealand SMEs

Revolut has launched Revolut Business in New Zealand, extending the fintech group's business platform in the Asia-Pacific region.

The launch gives New Zealand companies access to online business accounts with multi-currency support, foreign exchange at interbank rates within plan allowances and market hours, and tools for cards, payments and expense management. Local businesses can sign up and open an account online.

Revolut is targeting small and medium-sized enterprises, which it says face high costs, slow onboarding and a patchwork of financial tools when dealing with established banks. Many firms still have to visit branches or complete manual checks to open accounts, while also paying substantial fees on cross-border transfers and foreign exchange, it said.

According to Revolut, New Zealand's banking sector remains heavily concentrated, with incumbent banks holding more than 90% market share. It also cited average international remittance fees of 3.9% and bank foreign-exchange margins of 2% to 5%, along with fixed transfer charges of $5 to $35.

Local push

The New Zealand rollout follows strong growth in Revolut's local consumer business. Its revenue in New Zealand rose 99% year on year in its latest financial year, following the launch of its retail product for local customers in 2023.

Globally, Revolut has more than 75 million customers, while its business arm serves more than 800,000 businesses across more than 40 markets. Revolut Business has annualised revenue of more than NZD $1.65 billion and processes more than NZD $60 billion in transactions each month, according to the company.

For local businesses, the product focuses on a single system that integrates accounts, cards, supplier payments, and expense management. Revolut says this could reduce the need for multiple software providers and manual spreadsheet work, particularly for firms operating internationally.

At launch, the platform includes digital onboarding, corporate cards, approval workflows, spending controls and accounting integration with Xero. Businesses can hold, accept and settle funds in 39 currencies, and use physical and virtual cards that work with Apple Pay and Google Pay.

The expense management functions include in-app receipt capture using optical character recognition and spending analytics. Businesses can also set approval processes and spending limits through the platform.

Pricing model

Revolut is introducing a subscription structure in New Zealand with Basic, Grow, Scale, Enterprise and Custom plans. The different tiers are intended to let businesses choose feature sets, transfer limits and support models that fit their size and operations.

The group is entering a market where accounting software integrations and cross-border payment tools are becoming increasingly important for smaller firms. Businesses that import goods, pay overseas suppliers, or collect revenue in foreign currencies have become key targets for fintech providers seeking to challenge traditional banks.

Georgia Grange,  Head of New Zealand at Revolut, described the company's view of those gaps in the New Zealand market.

"We're excited to build on the great momentum our retail product has seen since launching for Kiwis in 2023. We understand New Zealand's SMEs are globally ambitious, but many are still dealing with slow onboarding, fragmented financial management tools, and expensive international payments. We've built Revolut Business to remove that friction: giving businesses a faster, more flexible way to manage money locally and internationally, all from a single platform," said Grange.

James Gibson, Global Head of Revolut Business, outlined the broader role of the New Zealand expansion in the company's business banking strategy.

"We're thrilled to officially launch Revolut Business in New Zealand. This product has established a proven growth trajectory globally, consistently outperforming traditional options to become the primary choice for fast-growing companies and startups. New Zealand businesses can now access world-class, battle-tested financial infrastructure through our platform, which processes over NZD $60 billion globally each month. We are committed to the New Zealand market for the long term, offering a mature, integrated alternative that empowers Kiwi businesses to scale without borders," said Gibson.