Revolut has launched a dedicated business platform in New Zealand, targeting small and medium-sized enterprises as it aims for 50.000 business customers within five years.
The company notes that these institutions hold over 90% of the country's banking share and typically apply a uniform approach to SME support. The platform consolidates payroll, cards, and expense management into a single system, aimed at reducing reliance on multiple financial service providers.
Revolut identifies a structural gap in New Zealand's SME sector, where businesses face branch-heavy onboarding, high international remittance fees, and fragmented financial tooling. Georgia Grange, Revolut's New Zealand head, described the platform as designed to give businesses a faster and more flexible way to manage money locally and internationally from a single place.
Revolut Business operates on a tiered subscription model comprising four fixed plans, with entry-level pricing at NZD 10 per month. This structure allows businesses to select transfer limits, feature sets, and support options in line with their operational scale.
A partnership with Xero underpins the payroll functionality. James Gibson, Revolut's global head of business, clarified that Revolut Business is not designed to serve as an accounting platform, but rather as a central hub for holding funds, processing payments, issuing cards, and pre-categorising expenses before transferring data to external accounting tools.
Investment and growth targets
Revolut has committed USD 67 million (NZD 120 million) to its New Zealand operation over five years, directed at product development, staffing, and marketing. The company currently employs 35 people locally and is targeting a headcount of 90 by the close of the 2026 financial year.
The company also set a target to launch in South Africa by 2028, with its waitlist nearing 100.000 registrations as it awaits regulatory approval. According to Bloomberg, the fintech company submitted a licence application to the South African Reserve Bank in September and has confirmed it will proceed with product launches only after securing the necessary regulatory approvals.
Interest from prospective customers has already been considerable. Jacques Meyer, who leads Revolut's operations in South Africa, noted that demand for the company's products has been strong, with the waitlist nearing 100.000 registrations ahead of any official launch.
