Hi everyone,
One thought hasn’t left our minds after our portfolio day in October: New Zealand is structurally a great place in the world to build early-stage Fintech.
During our fintech panel, we uncovered a counter-intuitive truth. In major markets like the US or UK, regulation is a fortress—impenetrable, expensive, and slow. In New Zealand, the “regulatory moat” is actually a bridge. Here, you can pick up the phone and speak to the regulator.
This accessibility allows for a speed of iteration that is impossible elsewhere. It’s not about less regulation; it’s about agile regulation.
Because of this, we aren’t just participating in the ecosystem—we are doubling down.
We are proud to have made a series of high-conviction investments into the companies defining the next decade of financial infrastructure.
🚀 The next Big Bet: Sharesies
We are thrilled to announce our recent investment in Sharesies.
While they are already a household name, our thesis is that Sharesies is only just getting started. The metrics speak for themselves: they have just surpassed $10.5B in assets on platform with more than 860k customers across ANZ.
But the real story is their transition from a “micro-investing app” to a comprehensive Wealth Super-App. They are building a powerful flywheel that connects Personal Wealth (individuals) with Business Wealth (employee share schemes).
With the launch of Sharesies Spend, Crypto, and new KiwiSaver options, they are capturing the entire financial lifecycle of the next generation. They aren’t just a brokerage anymore; for hundreds of thousands of Kiwis, they are the primary relationship for wealth. We believe there’s a huge opportunity to build a really big company in ANZ and beyond.
We spoke to Leighton a few months ago on the podcast and knew back there and then that we wanted to join the team on this journey:
⚡ Our growing FinTech Portfolio
Alongside Sharesies, we are deploying capital into the “rebundling” of financial services.:
Emerge: The New Standard for Banking – Emerge is shipping product at a velocity we rarely see. They have recently launched Personal Accounts, closing the loop on their vision to replace the legacy bank entirely. Whether for an SMB or an individual, Emerge now offers a full-stack alternative—no branches, no paperwork, just a mobile-first experience that actually works.
Wych: The Pipes for Open Banking – With the Consumer Data Right (Open Banking) regulations imminent, Wych is positioning itself as the critical infrastructure layer. They are building the “plumbing” that allows the industry to connect to bank data securely. If Open Banking is the gold rush, Wych is selling the shovels.
Extraordinary: Solving the CFO’s Headache – A new addition to the portfolio, Extraordinary is tackling the messy world of non-payroll employee spend. Their card issuance platform replaces the nightmare of reimbursements with a seamless way to manage benefits and expenses. It’s a simple, elegant solution to a massive friction point.
Simfuni: Modernizing Insurance – Insurance is one of the last sectors to truly digitize, and Simfuni is fixing the payment layer. Their platform automates the billing, payment, and collection of premiums, modernizing a legacy-heavy industry that is crying out for efficiency.
Gluon: Crypto but easy and fun – Gluon is social pay, making crypto invisible, fun and for everyone (stay tuned on this one…)
🎙️ Podcast: Sitting down with Dom Pym
Speaking of winners in Fintech, we hosted Dom Pym (Co-founder of Up Bank) on the podcast.
Often called the “Steve Jobs of Aussie Fintech,” Dom shared his philosophy on why banking doesn’t have to be boring. The conversation dove deep into how Up built a cult-like following not by spending millions on ads, but by building a product people actually loved.
We discussed the “Tech-led Bank” model vs. the “Bank-led Tech” model, and why the former (which we see in Emerge) will always win on speed and trust.
The Outlook
The regulatory winds are shifting in our favor. As Open Banking becomes a reality, the friction for switching financial providers will drop to near zero. The winners won’t be the incumbents with the most branches; they will be the challengers with the best code and the most trust.
We’re also currently looking into Yield & Private Wealth as opportunities to build FinTech winners. With interest rates fluctuating, investors are hunting for yield beyond term deposits. We are seeing the “retailisation” of private credit—an asset class previously reserved for the super-rich. Please reach out if you’re building in this space.
Onwards,
Mark & Hendrik, and the NZVC Team