Bank of New Zealand (BNZ) has acquired BlinkPay, a New Zealand-based open banking fintech company.
Financial terms of the deal remain undisclosed.
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This move is expected to help BlinkPay accelerate innovation as well as expand its product offerings, leveraging BNZ’s resources and expertise.
BlinkPay co-founder Adrian Smith will now assume the role of CEO.
The company’s decision-making and startup culture will remain unchanged, while its existing leadership will be retained.
Commenting on the deal’s benefits, 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.
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By GlobalData“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.”
BNZ 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.”
In 2022, BNZ partnered with US banking technology provider NCR to support its digital transformation.
