Revolut to launch small-business accounts in NZ with real-time analytics

Revolut is due to launch an offering for businesses in coming months. Photo / Revolut

Global financial technology giant Revolut is preparing to expand its New Zealand offering from consumers to small businesses in coming months.

The banking disruptor’s pitch is that it will enable businesses to open an account in minutes, transact in various currencies at a low cost, get debit cards, integrate their account with accounting software, and receive real-time analytics.

Revolut is inviting businesses to register their interest in opening a business account from today. It expects the product to become available in coming months.

Revolut is yet to detail the cost of its offering. It says businesses will be able to subscribe for one of four plans based on their size/usage and the number of features they would like access to.

Having operated in New Zealand since July 2023, Revolut has more than 100,000 users.

It has been working with the Reserve Bank for more than a year with a view to becoming the first financial technology firm to get a banking licence in New Zealand. This would enable it to offer term deposits and loans.

In the meantime, Revolut’s head of New Zealand, Georgia Grange, assured every dollar held by Revolut was secure, as it was put in a trust account.

Speaking to the Herald, Grange talked up the fact people could sign up in minutes online to become a Revolut user.

Instead of having bank accounts in different countries, businesses that traded internationally could transact using 39 currencies. Transactions could be made at the real exchange rate and wouldn’t incur the large fees charged by some banks.

Grange also said businesses could get multiple debit cards with customised spend limits and other tools attached to reduce admin and manage spending.

The product will integrate with accounting software: Xero, QuickBooks and NetSuite.

Coming back to Revolut’s application for a banking licence, Grange couldn’t put a timeline on when this was expected to be approved/declined. The fintech is going through a similar approval process in Australia.

Grange believed the arduous process was worth it, as being a licensed “bank” would go a long way in giving users confidence to use Revolut.

However, she said this wouldn’t change the plans Revolut had to continue rolling out various products to its New Zealand users.

Much like Wise, Revolut currently has a prepaid Visa debit card available in New Zealand. Users can switch their money between currencies and shop online using different currencies at low rates.

Revolut also offers travel insurance and is an investment platform, giving users access to investing in commodities (gold, silver and platinum) and cryptocurrencies.

Jenée Tibshraeny is the Herald’s Wellington business editor, based in the parliamentary press gallery. She specialises in government and Reserve Bank policymaking, economics and banking.

• Stay ahead with the latest market moves, corporate updates, and economic insights by subscribing to our Business newsletter – your essential weekly round-up of all the business news you need.