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Westpac NZ invests in open finance outfit Akahu

Westpac NZ invests in open finance outfit Akahu

Westpac NZ's venture capital fund has led a $1.4 million investment round in Kiwi open finance startup Akahu.

Akahu simplifies and streamlines the connection between banks and third parties to give consumers access to new payment options and have better control over who can use their account data.

Westpac says that the partnership will also provide the bank with valuable insight to support its design and delivery of open banking solutions.

Ben Lynch, CEO, Akahu, says: “Collaboration is exactly what’s needed from banks to truly realise the benefits of open banking for their customers. It’s great to see Westpac leaning into this, and we’re committed to working with any bank in New Zealand that wants to enable its customers in a similar way.”

Mark Colley, senior manager, Westpac's Red Bird Ventures, adds: “Akahu has demonstrated its strength in innovation over the last few years and we believe it is well positioned to grow, as industry commitments and consumer data right legislation bring open banking to New Zealand.”

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