• Thu. May 23rd, 2024

Revolut forays into New Zealand to drive joint finance management

By Gloria Mathias

April 22, 2024

  • APAC news
  • Australia news
  • FinTech

Revolut, the global financial super app, has launched its new Joint Accounts product in New Zealand, enabling two people to share finances in one place.

Revolut’s Joint Accounts feature will allow customers to create an extra account within the Revolut app to be jointly owned by two people, whether they are partners, family members, housemates, or friends. These new accounts offer customers greater flexibility in managing their finances through pooling resources and the ability to manage a common budget.

Revolut’s Joint Accounts have been designed to increase financial flexibility and inclusion and to suit the needs of all customers and their personal relationships. By providing a frictionless account opening process that can be completed in three easy steps including Revolut’s KYC, Revolut aims to actively remove the barriers associated with creating a joint account with a traditional bank. Joint Accounts are designed to support all types of duos, be it among partners, siblings, roommates, or friends.

200,000 of Revolut’s customers in the UK and Europe are predominantly using joint accounts for everyday spending, with the spending categories being supermarket shopping and restaurants.

Georgia Grange, CEO of Revolut New Zealand, said, “As we continue to innovate and expand our offerings to meet the evolving needs of our Kiwi customers, we’re thrilled to introduce joint accounts in New Zealand. This new feature aims to empower users to seamlessly share and manage their finances with a partner, family member, housemate, or friend. With Revolut’s joint accounts, we’re enhancing financial flexibility and inclusion, making it easier for Kiwis to achieve their financial goals together.”

The launch is the seventh product Revolut has released since launching in July 2023. Following crypto, its paid plans and the financial literacy ‘Learn and Earn tool’, all Revolut retail customers in New Zealand are eligible to open a joint account from within the Revolut app.

Revolut has teams across New Zealand, Singapore, Japan, and India in the Asia-Pacific region. They are supported by Revolut’s global team of over 7,500 people, with its headquarters in London.

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