Auckland fintech Qippay has secured a NZ$5 million investment commitment from All Roads Wholesale Fund, with the Australian investor taking a 25% stake in Qippay Group. The funding is being received in tranches, and the transaction is expected to complete this week. Founded in 2021 by Ashley Lake-Johns and Wayne Deas, Qippay operates in New Zealand's open banking market and builds technology that links bank payments with customer-consented financial data.
Deal Terms and Governance
The investment will give All Roads a 25% equity holding in Qippay Group and will be delivered across multiple tranches. All Roads founder and Managing Director David Palmer will join the Qippay board alongside Lake-Johns and Deas. The founders sought an investor whose involvement would not change control of the business, preserving Qippay's identity as an independent and Kiwi-majority owned company.
Company Origins and Growth Plans
Qippay is based at Auckland Council's GridAKL innovation hub and currently employs 6 full-time staff. The company plans to grow its headcount to between 12 and 15 people as it uses the investment to expand its team and develop new financial and data infrastructure. Lake-Johns said the funding will support the next stage of company development and a broader product base for New Zealand businesses.
Technology Platform and Credentials
Qippay's platform enables businesses to offer bank-to-bank payments as an alternative to card payments and traditional direct debits. It also uses customer-consented financial data to support operational processes and decision-making. The company has established direct connections with major banks using standardized APIs, holds ISO/IEC 27001:2022 certification, and is accredited under New Zealand's open banking framework.
Investor Rationale and Synergies
All Roads brings experience in property-backed lending, accounting, and business advisory, and Palmer sees multiple commercial synergies with Qippay's technology. The fund's wider financial services interests include mortgage applications, financial planning, tax, accounting, and business advisory services. Palmer said the fund wants to help put Qippay on the map and sees strong potential in applying its platform to adjacent areas of financial services.
Potential Australian Expansion
While Qippay's immediate priority remains the domestic market, the new shareholding gives the company a direct link to an Australian backer. The fintech is exploring a potential Australian expansion using the Consumer Data Right, according to the company. Palmer's board role adds another Australian connection to Qippay's governance as it enters its next phase of expansion.
Leadership Perspective
Lake-Johns said Qippay wants to build the financial infrastructure and data infrastructure for New Zealand. The company is 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. Connecting how money moves with financial data creates opportunities that go well beyond faster and cheaper payments, Lake-Johns added.
Market Context
Open banking has become a closely watched area for financial technology firms in New Zealand as businesses seek alternatives to established payment methods and better use of customer-consented financial data. Qippay was an early entrant in the sector, and its credentials are likely to matter for clients handling payments and financial information. The investment marks a notable cross-border deal for a young New Zealand fintech scaling in a market where capital, bank connectivity, and regulatory standing shape growth.
The NZ$5 million investment from All Roads Wholesale Fund provides Qippay with growth capital, board-level expertise, and a stronger trans-Tasman connection. With plans to expand its team, broaden its product capabilities, and explore opportunities beyond New Zealand, the company is positioned to strengthen its role in open banking. The deal highlights investor confidence in New Zealand's fintech sector and the growing commercial relevance of customer-consented financial data.