Kiwi open banking fintech Qippay pockets NZ$5 million for 25% stake

Five-year-old Auckland fintech Qippay has raised NZ$5 million (A$4m) with Australian All Roads Wholesale Fund taking a 25% stake in parent business, Qippay Group.

The deal, transaction, expected to complete this week, will support Qippay’s growth in New Zealand, including new financial and data infrastructure capabilities, as the fintech also explores a potential Australian expansion using the Consumer Data Right (CDR).

Founded in 2021 by Ashley Lake-Johns and Wayne Deas, Qippay has developed open banking infrastructure connecting payments with CDR for businesses to reduce payment costs and automate administration and access more up-to-date financial information.

Lake-Johns, Quippay’s CEO, said the investment will support the company’s next stage of growth, more staff and extending its tech into broader financial and data infrastructure. The fintech is based at Auckland Council’s GridAKL innovation hub, and currently employs six full-time staff, with plans to grow the team to 12-15.

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

“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.”

All Roads founder and MD David Palmer will join the Qippay board and said he sees great commercial potential, particularly across the fund’s wider financial services interests, including mortgage applications, financial advice, tax and accounting services.

“Our background across the financial spectrum includes mortgages, financial planning, tax, accounting, business advisory and so forth,” he said.

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