New Zealand-founded open data technology company Wych has successfully closed a NZD$1.5 million capital raise, led by the New Zealand FinTech Fund (NZFF) with participation from the NZX-listed Booster Innovation Fund (BIF) and other strategic investors.
Founded by Dermot Butterfield, Wych provides secure, real-time financial information and data exchange to power the next generation of open banking and payment solutions. Already accredited under Australiaʼs Consumer Data Right (CDR), Wych is now working with New Zealandʼs largest locally owned bank, Kiwibank, to deliver the tech stack that will enable open banking services from 2026.
“Closing this round with support from NZFF, Booster, and a government-matched fund gives us the momentum to scale faster,” said Dermot Butterfield. “Our mission is to make open data simple, secure, and transformative — and to put New Zealand at the forefront of open banking innovation.ˮ
The round was led by NZFF, with Marty Kerr, NZ FinTech Fund lead, noting, “We see Wych as a critical enabler in New Zealandʼs open banking journey. Their technology is already proven in Australia, and the Kiwibank partnership demonstrates both trust and demand for Wychʼs capability.ˮ
Booster Innovation Fund also welcomed Wych to its portfolio.
“We were attracted to Wych for several reasons, not only are they providing the foundation infrastructure for open banking innovation across payments, lending and digital identity, but the company is also led by an experienced founder and team with unique insight into the market challenges. We believe this positions them well to be a cornerstone partner to the finance sector going forward,ˮ said Melissa Yiannoutsos, Innovation Fund Manager, Booster NZ.
The capital will be used to:
- Scale delivery in New Zealand, including the Kiwibank open banking programme.
- Extend accredited CDR services in Australia, with a pathway to support New Zealandʼs Consumer and Product Data (CPD) Bill.
- Invest in product innovation, including trust account reconciliation, lending and broking solutions, and financial emissions tracking.
- Strengthen security, compliance, and partnerships across the open finance ecosystem.
Notable Wych clients alongside Kiwibank include, a tier 1 Australian bank, major non-bank lenders, and a number of fast-growing fintechs across Australia and New Zealand.
