The Bank of New Zealand (BNZ) has acquired BlinkPay, a Māori-led open banking fintech founded in 2015. BlinkPay connects with local banks to offer a range of services that facilitate open banking payments.
As part of the acquisition, Adrian Smith, co-founder of BlinkPay, will take on the role of CEO. BNZ plans to leverage its resources to help BlinkPay grow, scale its innovation, and further develop its product offerings.
Smith emphasized the unique perspective BlinkPay brings to financial innovation as a Māori-led business, stating, “BNZ understands and values this – and they’re backing our vision while enabling us to retain our startup DNA.”
BNZ‘s open banking platform already serves 250,000 customers, and the acquisition signals a new phase of growth for both companies. Dan Huggins, CEO of BNZ, commented, “With BNZ supporting BlinkPay’s innovation and agility, we can accelerate the development of new products and services that will benefit all New Zealanders.”