Westpac NZ Leads Investment Round in Open Finance Startup Akahu

Published 6 months ago

Westpac NZ’s venture capital fund is at the forefront of a $1.4 million investment round in Akahu, a Kiwi open finance startup. Akahu is known for simplifying and streamlining the connection between banks and third parties. This provides consumers with access to new payment options and better control over the use of their account data.

The partnership is expected to be mutually beneficial, giving Westpac valuable insight to support its design and delivery of open banking solutions.

Akahu’s Stand on Collaboration

Akahu CEO, Ben Lynch, emphasizes the importance of collaboration for the successful realization of the benefits of open banking. He commends Westpac for their initiative and expresses Akahu’s commitment to work with any bank in New Zealand aiming to enable its customers in a similar way.

Endorsement from Westpac’s Red Bird Ventures

Mark Colley, senior manager of Westpac’s Red Bird Ventures, appreciates Akahu’s strength in innovation over the years. He believes that Akahu is well positioned to grow amidst industry commitments and the introduction of consumer data right legislation that will bring open banking to New Zealand.