Kiwi data fintech Wych raises NZ$1.5 million for open banking

New Zealand fintech Wych has raised NZ $1.5 million (A$1.32m) to accelerate open banking delivery in New Zealand and Australia .

The round was New Zealand FinTech Fund (NZFF) with participation from the NZX-listed Booster Innovation Fund (BIF) and other strategic investors.

Wych provides secure, real-time financial information and data exchange to power the next generation of open banking and payment solutions and is accredited under Australia’s Consumer Data Right (CDR).

The fintech is now working with New Zealand’s largest locally-owned bank, Kiwibank, to deliver the tech stack for open banking services from 2026.

The funding will be used to scale delivery in Aotearoa, strengthen security, compliance, and partnerships, and product innovation, including trust account reconciliation, lending and broking solutions, and financial emissions tracking, as well as extending. accredited CDR services in Australia, with a pathway to support New Zealand’s Consumer and Product Data Bill.

Expat Irish tech entrepreneur Dermot Butterfield founded Wych in Auckland in 2018 and has bootstrapped 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.

The fintech’s clients include a tier 1 Australian bank, major non-bank lenders, and multiple ANZ fintechs .

Booster Innovation Fund manager Melissa Yiannoutsos said Wych is providing the foundation infrastructure for open banking innovation across 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.”