BNZ has made an investment in Open Banking fintech BlinkPay to become its new owner.
While the financial details of the investment have not been disclosed, according to BNZ, the investment will enable BlinkPay to accelerate and scale its innovation and product development through access to the bank’s resources and expertise.
BlinkPay co-founder Adrian Smith has been appointed as chief executive officer of to ensure it retains its own leadership and decision-making, “along with its entrepreneurial spirit and startup culture”.
“As a Māori-led business, we bring a unique perspective to financial innovation. BNZ understands and values this and they’re backing our vision while enabling us to retain our startup DNA,” Smith said.
“Our kaupapa has always been about making financial services work better for all New Zealanders. BNZ’s support gives us the resources to accelerate our mission and help grow the Open Banking ecosystem across Aotearoa.”
In August, BNZ became the first bank in New Zealand to implement Payments NZ’s Account Information API v2.1 standards, three months ahead of the deadline.
BNZ chief executive officer Dan Huggins said: “BNZ has been at the forefront of Open Banking in New Zealand since 2018, with more than 250,000 customers already benefiting from innovative financial services enabled by BNZ’s Open Banking technology.”
“This represents the next phase in our journey. With BNZ supporting BlinkPay’s innovation and agility, we can accelerate the development of new products and services that will benefit all New Zealanders,” he added.
“We’re proud to be investing in a team that has proven their ability to innovate and deliver.”
Recently, BNZ teamed up with New Zealand fintech Centrapay to launch Payap.
Using Open Banking technology, Payap is the country’s first digital wallet and point-of-sale (POS) app compatible with all New Zealand banks.
