- Auckland-based fintech Qippay has secured a NZ$5 mn investment commitment from Australia’s All Roads Wholesale Fund in exchange for a 25% stake in Qippay Group.
- The funding will support the expansion of Qippay’s open banking and financial data infrastructure, with plans to increase its workforce from six to approximately 12–15 employees.
- Qippay is developing bank-to-bank payment technology and customer-consented financial data services, initially targeting New Zealand businesses before exploring opportunities in Australia.
Auckland-based fintech Qippay has secured a NZ$5 mn investment commitment from Australian investment firm All Roads Wholesale Fund, which will acquire a 25% stake in its parent company, Qippay Group.
The investment is being received in installments, with the transaction expected to be completed this week. The funding will support Qippay’s expansion, including new hires and further development of its payment and financial data infrastructure.
Founded in 2021 by Ashley Lake-Johns and Wayne Deas, Qippay was among New Zealand’s early participants in open banking, developing technology that integrates bank payments with financial information shared with customers’ consent.
The company operates from Auckland Council’s GridAKL innovation hub and currently employs six full-time staff. It plans to expand its workforce to approximately 12–15 employees.
We want to build the financial infrastructure and the data infrastructure for New Zealand. 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.
Ashley Lake-Johns, Qippay’s co-founder and chief executive
Qippay’s platform enables businesses to offer direct bank-to-bank payments as an alternative to card transactions and conventional direct debits. Its technology also incorporates customer-authorized financial data to reduce administrative processes and support more informed financial decisions.
Lake-Johns said maintaining the company’s independence was an important consideration when selecting an investment partner. “We looked for the right type of investor that wouldn’t necessarily mean we lose control,” he said.
David Palmer, founder and managing director of All Roads Wholesale Fund, identified opportunities to apply Qippay’s technology across lending, mortgage broking, accounting and financial advisory services.
In respect of what Qippay does, we just see multiple synergies, and we want to help put Qippay on the map.
Palmer is expected to join Qippay Group’s board alongside Lake-Johns and Deas as part of the investment.
The company’s immediate priority is to expand its financial technology capabilities for businesses operating in New Zealand. Qippay also intends to assess opportunities in Australia over the longer term, potentially extending its open banking and payment infrastructure beyond its domestic market.
