Bank of New Zealand (BNZ) has acquired Māori open banking fintech BlinkPay, which was established in 2015 and connects with local banks to offer a variety of open banking payment services.
With this acquisition, BNZ plans to leverage its resources and expertise to support BlinkPay’s growth and enhance its product development. Following the acquisition, BlinkPay co-founder Adrian Smith will take on the role of CEO.
Smith emphasized the unique perspective that a Māori-led business brings to financial innovation, stating, “BNZ understands and values this – and they’re backing our vision while enabling us to retain our startup DNA.” He further added, “Our kaupapa has always been about making financial services work better for all New Zealanders. BNZ’s support provides us with the necessary resources to accelerate our mission and expand the open banking ecosystem across Aotearoa.”
Currently, BNZ boasts 250,000 users on its open banking platform. CEO Dan Huggins commented, “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.”