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 parent company Qippay Group.
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The investment is being received in tranches, with the transaction expected to complete this week.
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 and chief executive Ashley Lake-Johns says the investment will support the company's next stage of growth, including expanding its team and developing new financial and data infrastructure.
Based at Auckland Council's GridAKL innovation hub, Qippay currently employs six full-time staff, with plans to grow its team to approximately 12 to 15 people.
"We want to build the financial infrastructure and the data infrastructure for New Zealand," 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.
Lake-Johns says choosing the right investor was important to retaining Qippay's independence and direction. "We looked for the right type of investor that wouldn't necessarily mean we lose control."
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.
Palmer is also set to join the Qippay Group board alongside Lake-Johns and Deas.
Qippay's immediate focus is on building its capabilities for New Zealand businesses, with longer-term ambitions to explore opportunities in Australia.