NZ fintechs need to regain lost momentum

Tāmaki Makaurau - While Kiwis have been keeping covid safe, other markets have reopened and are growing at pace with New Zealand, risking an uphill battle to regain lost momentum.

While the fintech100 report released last month identified that the top 100 New Zealand fintechs grew a whopping 32 percent in the last year and are a clear leading sector of interest, this is but a fraction of not only the global market, but indeed of New Zealand’s potential.

The international fintech market is growing at an exceptional pace for what is still a relatively infant market.

Just looking at fintech investment in the last year CB insights report identified a 170 percent increase in funding and investment along with over $US131 billion, Mega round investments and a 200 percent increase in deals.

Aotearoa cannot risk becoming myopic and satisfied with its current growth trajectory the fintech companies and New Zealand generally must get back out there and reconnect with the world.

On the bright side there is rapidly growing interest in the New Zealand marketplace from international tech and fintech companies.

FintechNZ executive director Jason Roberts says they have had a rapid increase in interest from international fintech and tech companies eyeing up the New Zealand market and for good reason.

FintechNZ is partnering with NZTE to support Kiwi fintech focused companies to gain insights, share their proposition and open up market opportunities into the Middle East region.

“This fast emerging region is diversifying and focusing on the tech sector and in particular Fintech.

“It represents a gateway to investment and scaled growth into the Middle East, Europe and Africa in particular. Indeed one of our well known Kiwi fintechers and entrepreneurs Leigh Flounders is currently leading one of Africa’s fast growth Fintech’s called NowNow.

“Techweek is coming up May 16 to 22 and FintechNZ has several events relating to sustainability and open finance. FintechNZ member Inland Revenue will be presenting tax administration in the digital world.