Westpac NZ’s venture capital fund has led a $1.4 million investment round in Kiwi open finance startup Akahu.
Akahu simplifies and streamlines the connection between banks and third parties, enabling consumers to access new payment options and gain better control over who can use their account data.
Westpac indicated that this partnership would also provide valuable insights to enhance the design and delivery of open banking solutions.
Ben Lynch, CEO of Akahu, stated, “Collaboration is exactly what’s needed from banks to truly realise the benefits of open banking for their customers. It’s great to see Westpac leaning into this, and we’re committed to working with any bank in New Zealand that wants to enable its customers in a similar way.”
Mark Colley, senior manager at Westpac’s Red Bird Ventures, added, “Akahu has demonstrated its strength in innovation over the last few years, and we believe it is well positioned to grow as industry commitments and consumer data right legislation bring open banking to New Zealand.”