Media Release: Kiwi fintech Qippay secures NZ$5 million Australian investment to accelerate growth

Kiwi fintech Qippay secures NZ$5 million Australian investment to accelerate growth Australian fund takes 25% stake in NZ open banking pioneer, backing its next stage of growth.

Auckland-based fintech Qippay has secured a NZ$5 million investment commitment from Australian-based All Roads Wholesale Fund, which will take a 25% stake in the business.

The transaction is expected to complete this week, with the investment supporting Qippay's continued growth in New Zealand and its ambitions to explore opportunities in other markets, including Australia.

Founded in 2021 by Ashley Lake-Johns and Wayne Deas, Qippay was an early mover in New Zealand's open banking sector, building technology that connects bank payments with customer-consented financial data.

Qippay co-founder Ashley Lake-Johns says the investment comes at an important time for New Zealand's emerging digital banking sector.

"Connecting how money moves with financial data creates opportunities that go well beyond faster, cheaper payments," says Lake-Johns.

"We're working with businesses exploring better access to credit, smarter ways to manage working capital, less manual reconciliation and administration, and more competitive financial services for their customers."

Qippay's technology allows businesses to offer bank-to-bank payments as an alternative to cards and traditional direct debits, while using customer-consented financial data to simplify processes and make more informed decisions.

For Australian investor David Palmer, founder and managing director of All Roads Wholesale Fund, the appeal lies in the technology's potential across lending, mortgage broking, accounting and financial advice.

"In respect of what Qippay does, we just see multiple synergies, and we want to help put Qippay on the map," Palmer says.

Lake-Johns says the investment provides an opportunity to build on the foundations Qippay has established in New Zealand, while keeping an eye on opportunities to take its technology into other markets.

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