New Zealand fintech Wych has raised NZ$1.5 million (A$1.32 million) to speed up open banking services in New Zealand and Australia.
The funding round was led by the New Zealand FinTech Fund (NZFF), with support from the NZX-listed Booster Innovation Fund (BIF) and other strategic investors.
Wych offers secure, real-time financial data and tools to power new open banking and payment solutions. It is also accredited under Australia’s Consumer Data Right (CDR).
The company is now partnering with Kiwibank, New Zealand’s largest locally-owned bank, to roll out open banking technology starting in 2026.
The funding will help Wych expand its services in New Zealand, improve security and compliance, build partnerships, and develop new products.
These products include trust account reconciliation, lending and broking solutions, financial emissions tracking, and expanding accredited CDR services in Australia, with plans to support New Zealand’s Consumer and Product Data Bill.
Wych was founded in Auckland in 2018 by Irish tech entrepreneur Dermot Butterfield, who has self-funded the business until now.
“Closing this round with support from NZFF, Booster, and a government-matched fund gives us the momentum to scale faster,” he said.
“Our mission is to make open data simple, secure, and transformative — and to put New Zealand at the forefront of open banking innovation.”
NZFF lead Marty Kerr said they see Wych as a critical enabler for open banking in New Zealand.
“Their technology is already proven in Australia, and the Kiwibank partnership demonstrates both trust and demand for Wych’s capability,” he said.
Wych works with a top Australian bank, major non-bank lenders, and several ANZ fintech companies.
Melissa Yiannoutsos, manager of Booster Innovation Fund, said Wych is building the key infrastructure for open banking innovation in payments, lending, and digital identity.
“The company is also led by an experienced founder and team with unique insight into the market challenges,” she said.
“We believe this positions them well to be a cornerstone partner to the finance sector going forward.”
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