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Population
5.2M
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Online population
5M
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Currency
NZD
Population - 5.2M
At the start of 2024, 87.1% of New Zealand’s population lived in urban centres, while 12.9% lived in rural areas.
Internet penetration - 95.7%
There were 5M internet users in New Zealand at the start of 2024
According to New Zealand FinTech Report 2024 by Technology Investment Network**, New Zealand** FinTech firms are truly global operators. In 2023, 84% ($2.2B) of total revenue was derived from offshore, and the value of that offshore revenue has increased nearly threefold since 2018.
The ascendency of FinTech has been rapid. The sector boasts ten-year compound annual growth of 32% – four times higher than the growth of the wider tech industry. This growth has helped establish a critical mass of larger export firms, chief among them Xero, which accounts for 53% of total revenue. But other large firms are growing too: between 2013 and 2023 firms with $5M+ in revenue increased from 7 to 23. Collectively, these firms recorded $2.6B of revenue in 2023, nudging FinTech ahead of NZ’s well-established healthtech and appliance sectors in terms of total value.
FinTech companies are under constant competitive pressure, requiring almost uninterrupted investment in research and development, which has been pegged at 20% of revenue since 2018. In 2023, R&D spending was $517M, marking a $98M increase from the year prior. Expenditure on sales and marketing, including customer acquisition, education, and retention, was $611M, representing 23 cents of every dollar earned.
Pushpay, which also delisted in 2023, marked the eleventh multimillion-dollar NZ FinTech to sell offshore in the past six years.
<aside> ✨ NZ’s four remaining publicly traded FinTech firms continue to outperform other measured ownership categories. Collectively, Xero, Smart Pay, TASK Group, PaySauce posted 31% or $367M growth, above the public 5-year CAGR of 29%. Others fared less well. Laybuy and 9Spokes were among 8 financial services firms to withdraw from the ASX in 2023.
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All banks [operating](https://www.rbnz.govt.nz/regulation-and-supervision/cross-sector-oversight/registers-of-entities-we-regulate/registered-banks-in-new-zealand#:~:text=All banks operating in New,banks currently registered with us.) in New Zealand must be registered with Reserve Bank of New Zealand. Currently there are 27 banks currently registered. As for 2023, New Zealand has over 650 bank branches and over 1800 bank-owned ATMs.
The banking sector in New Zealand is highly concentrated, with the four major banks having close to 90% market share of housing loans, which is their key product: Australia and New Zealand Banking Group Limited, Commonwealth Bank of Australia, National Australia Bank Limited and Westpac Banking Corporation. Their business models are similar, focusing on traditional commercial banking activities with operations almost entirely in New Zealand.