Qippay raises NZ$5M from All Roads for a 25% stake to build open banking infrastructure in New Zealand

Auckland-based 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 arrives in tranches, with the transaction expected to complete this week.

Founded in 2021 by CEO Ashley Lake-Johns and Wayne Deas, Qippay lets businesses take bank-to-bank payments as an alternative to cards and direct debits, and uses customer-consented financial data to support reconciliation, working capital and credit decisions. It is accredited under New Zealand's open banking framework and connects directly to the major banks through standardised APIs.

The company employs six people and plans to grow to 12 to 15. All Roads founder and managing director David Palmer joins the Qippay Group board alongside the two founders, who keep control of the business.