Qippay raises NZ$5m from All Roads fund for open banking payments

Qippay raises NZ$5m from All Roads fund for open banking payments

12 October 2026: Qippay, an Auckland company that builds open banking payment infrastructure for New Zealand businesses, has raised NZ$5 million (about A$4 million) from the Australian All Roads Wholesale Fund. In return the fund takes a 25% stake in the parent business, Qippay Group, in a transaction expected to complete this week.

Not yet independently verified. Not yet independently verified. The round rests on one news report (Startup Daily, with quotes from the company's chief executive and the fund); Qippay's own site carries no announcement yet, the stage is not stated, and the deal had not completed when reported. We will update this when it can be confirmed, and remove this note. We will update this when it can be confirmed, and remove this note.

A minority stake, not a priced venture round

The deal is described as an equity investment for a quarter of the parent company, which implies a valuation the report does not state, and the stage of the round is not given. That makes it different from the seed and Series A announcements that dominate funding coverage: the investor is a wholesale fund with wider financial services interests, and its founder and managing director, David Palmer, will join the Qippay board.

Palmer described the fund's background as "across the financial spectrum", naming mortgages, financial planning, tax, accounting and business advisory. He said he sees synergies between those interests and what Qippay does. The fund's wider activities include mortgage applications, financial advice, tax and accounting services, which suggests the likely commercial overlap: businesses that already deal with the fund's other clients.

What Qippay sells

The company was founded in 2021 by Ashley Lake-Johns, now its chief executive, and Wayne Deas. It has built open banking infrastructure that links payments with the Consumer Data Right, so that businesses can reduce payment costs, automate administration and reach more up-to-date financial information. Its own site lists three payment products: a one-off bank payment, a recurring payment product for subscriptions, and a bank-on-file option for one-tap payments, along with hosted and embedded integration options and an enterprise launch suite that includes payment orchestration.

Lake-Johns said the investment will support the next stage of growth, more staff and extending the technology into broader financial and data infrastructure. He gave examples of what customers are asking about: "better access to credit, smarter ways to manage working capital, less manual reconciliation and administration". He also said connecting how money moves with financial data creates opportunities "well beyond faster, cheaper payments".

Headcount and the Australian question

Qippay is based at Auckland Council's GridAKL innovation hub and has six full-time staff. It plans to grow to between 12 and 15 people. The funds will support growth in New Zealand, including new financial and data infrastructure capabilities, and the company is also exploring a possible expansion into Australia, where the Consumer Data Right applies.

The Australian part is an exploration, not a commitment: no launch date or partner is named. For New Zealand businesses, the practical point is the product direction. The chief executive describes a move from taking payments towards data and financial services on top of the same bank connections.

Company profile on TrustList: Qippay

Sources

• Startup Daily: Kiwi open banking fintech Qippay pockets NZ$5 million for 25% stake, 12 October 2026
• Qippay: company site (read 2026-10-12), 12 October 2026