Australian fund takes 25% stake in Kiwi fintech Qippay in $5m deal
All Roads Wholesale Fund backs open banking technology with potential applications across lending, accounting and financial services.
Australian-based All Roads Wholesale Fund is investing $5 million in New Zealand fintech Qippay, taking a 25% stake as the company prepares to expand into Australia.
The transaction, expected to complete this week, will support Qippay's growth on both sides of the Tasman and its ambitions to bring new payment and financial data capabilities to Australian businesses.
All Roads founder and managing director David Palmer says the investment is driven by the commercial potential of Qippay's technology, particularly across the fund's wider financial services interests.
"Our background across the financial spectrum includes mortgages, financial planning, tax, accounting, business advisory and so forth," Palmer says.
"In respect of what Qippay does, we just see multiple synergies, and we want to help put Qippay on the map."
Founded in Auckland in 2021, Qippay has developed open banking infrastructure that connects payments with customer-consented financial data. Its technology enables businesses to reduce payment costs, automate administration and access more up-to-date financial information.
Palmer sees opportunities to put that capability to work across mortgage applications, financial advice, tax and accounting services, where gathering and assessing customer financial information remains time-consuming and heavily reliant on manual processes.
The investment comes as Australia's Consumer Data Right framework opens opportunities for businesses to develop financial services using consented banking data.
Qippay co-founder Ashley Lake-Johns says the Australian market presents a significant growth opportunity.
"Connecting how money moves with financial data creates opportunities that go well beyond faster, cheaper payments," Lake-Johns says.
"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 is also exploring potential acquisitions and partnerships in Australia and New Zealand to accelerate its growth.
About All Roads Wholesale Fund
All Roads Wholesale Fund is an Australian wholesale investment fund focused on property-backed lending. Led by founder and managing director David Palmer, the fund has expertise across property finance, investment and financial services.
About Qippay
Founded in 2021, Qippay is an independent New Zealand digital banking and data infrastructure company. It provides technology connecting bank payments and consented financial data to help businesses reduce costs, simplify administration and develop better financial services. Qippay is ISO/IEC 27001 certified and accredited under New Zealand's open banking framework.