The Bank of New Zealand (BNZ) has announced the acquisition of New Zealand-based open banking fintech company BlinkPay.
The financial terms of the deal were not undisclosed.
The acquisition is expected to allow BlinkPay to expedite its innovation and product development by leveraging Bank of New Zealand’s resources and expertise.
Founded in 2015, BlinkPay specialises in bill payment platforms, e-commerce, software integration, as well as data analytics.
The fintech company provides a range of open banking payment and billing solutions designed to streamline financial transactions for New Zealand businesses. It aims to transform the country’s payments sector through seamless and cost-effective services.
BlinkPay has partnerships with banks in New Zealand banks and the application programming interface (API) centre.
In 2023, BlinkPay collaborated with Bank of New Zealand and other New Zealand banks to support the introduction of open banking in the country, particularly following the implementation of the Consumer Data Right (CDR).
As part of the deal, BlinkPay co-founder Adrian Smith will continue to lead the fintech as its CEO, ensuring the company retains its leadership and entrepreneurial culture.
Smith said: “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.
“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.”
Bank of New Zealand’s investment is expected to further enhance BlinkPay’s open banking capabilities, positioning it for growth while maintaining its startup spirit.
The partnership will focus on advancing open banking capabilities to improve financial outcomes for consumers and businesses across New Zealand.
Bank of New Zealand CEO 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.”
