Qippay secures NZ$5 million investment from All Roads

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, with the transaction expected to complete this week.

Founded in 2021 by Ashley Lake-Johns and Wayne Deas, Qippay operates in New Zealand's open banking market. It builds technology that links bank payments with customer-consented financial data.

The business is based at Auckland Council's GridAKL innovation hub and employs six full-time staff. It plans to grow headcount to about 12 to 15 as it uses the investment to expand its team and develop new financial and data infrastructure.

Growth plans

Lake-Johns said the funding would support the next stage of the company's development as it adds staff and broadens its product base for New Zealand businesses.

"We want to build the financial infrastructure and the data infrastructure for New Zealand," said Ashley Lake-Johns, Chief Executive, Qippay.

"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," Lake-Johns said.

Qippay's platform allows 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 deal brings in a trans-Tasman investor with experience in property-backed lending, accounting, and business advisory. All Roads is led by founder and Managing Director David Palmer, who is also set to join the Qippay Group board alongside Lake-Johns and Deas.

Investor fit

Lake-Johns said the company focused on finding an investor whose involvement wouldn't change control of the business.

"We looked for the right type of investor that wouldn't necessarily mean we lose control," Lake-Johns said.

That is significant for a company that describes itself as independent and Kiwi-majority owned, at a time when competition is increasing in digital payments and open banking services in New Zealand.

For All Roads, the attraction was Qippay's ability to apply its technology to adjacent areas of financial services, including 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," said David Palmer, Founder and Managing Director, All Roads Wholesale Fund.

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 has established direct connections with major banks using standardised APIs.

The company is also certified to ISO/IEC 27001:2022 and accredited under New Zealand's open banking framework, credentials likely to matter for clients handling payments and financial information.

While the immediate priority is the domestic market, the new shareholding also gives Qippay a direct link to an Australian backer as it builds out its operations. Palmer's board role adds another Australian connection to the company's governance as it enters its next phase of expansion.

The investment marks a notable cross-border deal for a young New Zealand fintech scaling in a market where access to capital, bank connectivity, and regulatory standing can shape growth.