Australian fund set to buy 25% of New Zealand start-up Qippay
The NZ$5 million (A$4m) deal is expected to finish this week, giving the fund 25% of Qippay Group.
An Australian fund, All Roads Wholesale Fund, is set to take a 25% stake in Qippay Group. Qippay is a five-year-old start-up in Auckland, New Zealand.
The NZ$5 million (A$4m) deal is expected to complete this week. The money will help Qippay grow in New Zealand and hire more staff.
The company plans to grow its team from six full-time staff to 12 to 15. Qippay's system links business payments with financial information to cut costs and automate paperwork.
The company is also exploring a possible Australian expansion using the Consumer Data Right, or CDR, a system for sharing financial data. All Roads founder David Palmer will join the Qippay board.
- Six full-time staff, growing to 12-15
- Staff plan
- 2021 by Ashley Lake-Johns and Wayne Deas
- Founded
- GridAKL innovation hub, Auckland Council
- Base
Why it mattersIf the company expands here, Australian businesses could get another option for managing payments and paperwork.
AustraliaNo direct Australian effect yet. An Australian fund is investing, and an Australian launch would be the next change to watch.
✓ Claims checked against the source. checked 4 h ago
Open this story in InSnip →
