Kiwibank has announced the seven startups who will be participating in its New Zealand Kiwibank Fintech Accelerator program, which is set to begin next month.
The first of its kind in New Zealand, the fintech accelerator will see its participants taking part in a 14 week program at Wellington’s CreativeHQ that will help develop their ideas and commercialise them.
Each startup will receive NZ$20,000 in seed funding in exchange for six percent equity.
Applications for the program opened late last year, looking to target startups who were innovating around consumer behaviour, digital banking solutions, AI, cryptocurrencies and enterprise solutions.
Speaking about the accelerator in October, Kiwibank chief executive Paul Brock said the program was key to ensuring New Zealand’s financial sector continues to expand, an idea which was important Kiwibank.
“For Kiwibank, supporting a fintech accelerator will help drive our own internal innovation agenda, both with Kiwibank teams taking part, and also the chance for our culture to be influenced by what our people see in the accelerator programme,” said Brock.
The executive had pointed to the growth of Australia’s fintech sector as an example for New Zealand to follow, and hopes that the accelerator will be a step in that direction.
The seven participating startups in the Kiwibank Accelerator are:
Sharesies is an online investment platform whereby users are able to supply small amounts of money that is bundled together and invested as a larger sum. Contributors are able to select the industry they want to invest in and the level of risk they’re willing to take.
Looking to ease the stress of renting out property, Flatfish helps landlords communicate information and services to their tenants using an online platform. Tenants themselves can also submit an issue, like a fence that needs a touch-up, and Flatfish will contact the landlord to help organise the repair.
AccountingPod provides an education platform where users are able to learn about a real life business in an industry of their choice. The startup wants to create a fun way to learn about finance in the digital age and ultimately grow financial literacy worldwide.
Founded by a health science researcher and physician, HealthyAZ offers an online savings and rewards programme aimed at encouraging users to manage their health expenses. The platform is targeted at families across all levels of income in New Zealand.
Startup Liberac is using blockchain technology to help reduce the cost of spending money across international borders. The business wants to use the technology to disrupt the traditional remittance industry, providing a way for users to avoid the high remittance fees posed to Pacific Islanders.
Helping people reach their saving goals, Investful looks to provide a modernised and affordable wealth management platform which is personalised for each user. The business wants to use the accelerator as a chance to grow their customer base.
Insurely is providing a simplistic online platform for small to medium businesses to research, choose and sign up for insurance policies. The platform uses AI to give users advice and provide organisation around its insurance policies.