What Kiwibank does

Kiwibank is a state-owned, New Zealand-domiciled retail and commercial bank founded in 2002 to compete with the four Australian-owned majors (ANZ, ASB, BNZ, Westpac). It serves individual consumers and New Zealand businesses through the country's largest physical banking network — branches, Business Hubs, ATMs, and Local for Kiwibank retail partners — combined with mobile and internet banking. The product suite spans everyday accounts (Free Up), savings (Online Call, Notice Saver, term deposits), home loans (fixed, variable, offset, revolving, plus Co-own and Sustainable Energy variants), credit cards (Zero Visa, Platinum Visa), KiwiSaver, wealth distribution via Fisher Funds, and insurance via Tower and nib partnerships. Business banking includes Business Edge accounts, StartUp+ progress-based startup funding, Fast Capital, QuickPay mobile payments, QuickPay+, and merchant services.

The technology stack is cloud-native, anchored by a cloud-based core platform, mobile apps for iOS and Android, and internet banking. Open banking APIs were rolled out across all digital channels in May 2026 — the first New Zealand bank to do so, six months ahead of the Customer and Product Data Act 2025 regulatory deadline — with free developer access and integration partnerships with Wych, Akahu, Volley, Xero, Poli, and Paysauce. Kiwibank has signed as a launch customer for the AWS Asia Pacific (New Zealand) Region in Auckland, signalling full migration to AWS infrastructure.

Kiwibank generates revenue from net interest margin on its loan and deposit book (home loans, business loans, savings, and transactional accounts), transactional and fee income (account management, cards, merchant services, EFTPOS, international payments), and affiliate/referral revenue from insurance (Tower, nib) and wealth management (Fisher Funds). Go-to-market is direct-to-consumer across digital self-serve channels, the branch network, phone banking, and partner retail locations, supplemented by content marketing (Thrive HQ, Kiwi Economics) and business-banking specialists. The bank operates as an SOE with the New Zealand Government retaining approximately 80% ownership following a $500 million capital raise approved in October 2025, carries a Fitch AA credit rating, and holds the largest B-Corp certification among global banks.

Name

Kiwibank

Legal name

Kiwibank Limited

Website

https://kiwibank.co.nz

Company type

Private

Founded year

2002

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Kiwibank is a New Zealand state-owned retail and commercial bank founded in 2002, serving individuals and businesses through the country's largest physical branch network, mobile and internet banking, and an open banking API platform under the Customer and Product Data Act 2025.

Ownership category

akta.pro rank

Product category

Retail Banking

NAICS

Commercial Banking (52211), Depository Credit Intermediation (5221), Commercial Banking (522110)

SIC

State Commercial Banks (6022), National Commercial Banks (6021)

akta.pro primary industry

Mass-Market Consumer Deposit Banking (Checking/Savings) (FSABAAAA)

akta.pro secondary industries

SME Deposits & Business Accounts (Operating, Savings, CDs) (FSABABAC), Branch & In-Person Banking (Teller/ATM Networks) (FSABAAAE), Multi-Currency Accounts, Wallets & IBAN Services (FSAMAIAG)

Keywords

• Retail banking services
• Business banking services
• Home loan lending
• Open banking platform
• Savings and investments

Headquarters

HQ city

Wellington

HQ country

New Zealand

HQ region

Oceania

Offices3 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Net Interest Income: Kiwibank generates the majority of its revenue from the spread between interest earned on loans (home loans, business loans) and interest paid on deposits (savings accounts, term deposits, current accounts). This is the primary revenue driver for a retail bank.
2. Transaction and Fee Income: Fees from account management, international transactions, ATM usage, credit cards, merchant services, and payment processing represent a significant non-interest revenue stream.
3. Business Banking Services: Revenue from business lending (including StartUp+, Fast Capital, sustainable business loans, asset finance, property finance), merchant services (EFTPOS, QuickPay, QuickPay+), international trade finance (letters of credit, collections), and foreign exchange services.
4. Insurance Distribution: Kiwibank earns referral/distribution revenue by partnering with Tower (house, contents, car, landlord insurance) and nib (life and living insurance), offering these products through its retail network and digital channels.
5. Wealth Management Referral: Kiwibank refers customers to Fisher Funds for managed funds and private portfolio services, receiving referral payments from Fisher Funds group entities.

Pricing tiers

Go-to-market motion1 record

Distribution channels7 records

Marketing channels8 records

Core offering

Kiwibank is a New Zealand state-owned bank providing retail and business banking products including everyday transaction accounts, savings accounts, term deposits, home loans, credit cards, KiwiSaver retirement schemes, business banking accounts, business lending, merchant services, and wealth management solutions. Distribution occurs through a national branch network, mobile app, internet banking, and open banking APIs.

Product overview

Kiwibank is a New Zealand state-owned bank offering a comprehensive banking platform with personal and business banking products. The personal banking suite includes everyday accounts (Free Up), savings products (Online Call, Notice Saver, Term Deposits), credit cards (Zero Visa, Platinum Visa), home loans (Fixed Rate, Variable Rate, Offset, Revolving, Co-own, Sustainable Energy Loan), and investments (KiwiSaver, Fisher Funds). Business banking offerings encompass Business Edge accounts, StartUp+ funding, Fast Capital, QuickPay/QuickPay+ mobile payments, and Merchant Services. The bank operates digital platforms including mobile app, internet banking, and open banking APIs under the Customer and Product Data Act 2025. Insurance products are provided through partnerships with Tower (house, contents, car) and nib (life and living insurance). Additional services include international payments, foreign exchange, and the Thrive HQ financial wellness platform with calculators, guides, and Kiwi Economics commentary.

Differentiator

Problem solved

Functional benefit

Brands

• Buck: The mascot and brand character of Kiwibank - a curious green sheep who represents the bank's mission to challenge the status quo and make Kiwi better off.
• Thrive HQ
• Free Up
• Online Call
• StartUp+
• Local for Kiwibank

Products and services

• Free Up Everyday transaction account with no monthly account fees, designed for individual New Zealand consumers seeking simple, low-cost everyday banking.
• Online Call Online savings account for personal customers seeking competitive interest rates on deposits held digitally.
• Notice Saver Notice-based savings account requiring advance notice for withdrawals, offering higher interest rates in exchange for liquidity commitment.
• Term Deposits Fixed-term deposit accounts for personal customers seeking guaranteed returns on funds committed for a specified period.
• Zero Visa No-fee Visa credit card for personal customers, with a variable interest rate applied to outstanding balances and up to 55 days interest-free on purchases.
• Platinum Visa Premium Visa credit card for personal customers offering platinum-tier benefits, interest-free periods on purchases, and platinum-level customer service.
• Fixed Rate Home Loan Fixed-rate residential mortgage with locked-in interest rate for a defined period, providing payment certainty for New Zealand home buyers.
• Variable Rate Home Loan Variable-rate residential mortgage whose interest rate moves with market conditions, allowing flexible repayment options for home buyers.
• Offset Home Loan Offset residential mortgage allowing customers to offset mortgage interest against funds held in linked transaction or savings accounts.
• Revolving Home Loan Revolving credit residential mortgage providing flexible, on-demand access to home loan funds, with interest charged only on the balance used.
• Co-own Shared ownership home loan program enabling two parties to jointly purchase a residential property together as co-owners.
• Sustainable Energy Loan Specialized personal loan for funding sustainable home energy upgrades such as solar panels, insulation, and other energy-efficient home improvements.
• KiwiSaver New Zealand government-subsidized retirement savings scheme providing savings, investment, and first-home withdrawal benefits for personal members.
• Fisher Funds Managed Funds Managed investment funds offered through a referral relationship with Fisher Funds, providing KiwiSaver members access to diversified investment options.
• Tower Insurance (House, Contents, Car) General insurance products for house, contents, and car coverage distributed by Kiwibank in partnership with Tower Insurance.
• Life & Living Insurance Life and living insurance products distributed by Kiwibank in partnership with nib, covering life, trauma, and income protection.
• Business Edge Business banking account for small and medium New Zealand businesses, providing everyday business banking, online banking, and overdraft options.
• StartUp+ Startup funding program providing tailored banking, lending, and capital access solutions for early-stage New Zealand companies.
• Fast Capital Rapid business lending product providing fast access to working capital for small and medium businesses needing quick financing decisions.
• QuickPay Mobile payment acceptance solution enabling small businesses to accept contactless card payments via a smartphone device without a traditional EFTPOS terminal.
• QuickPay+ Enhanced version of QuickPay providing additional features for small business mobile payment acceptance, beyond the standard QuickPay offering.
• Merchant Services Comprehensive merchant payment processing services for businesses of all sizes, providing EFTPOS terminals, online payment processing, and integrated point-of-sale solutions.

Quantifiable outcome

• 25% of all business lending in New Zealand
• +3 more outcomes

Named customers4 records

Segments5 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration10 records

AI capability5 records

Feature3 records

Partnerships

Ten partnerships are on record, tiered core and minor.

• WychcoreTechnology or Integration · 29 May 2026Kiwibank partnered with local technology company Wych as a key implementation partner for its open banking rollout across digital channels. Wych helped securely connect Kiwibank's systems with accredited third-party financial apps and services, enabling data sharing and payment initiation capabilities for individual and business customers.
• AkahucoreTechnology or Integration · 29 May 2026Kiwibank partnered with fintech Akahu for its open banking rollout, enabling third-party apps to securely access customer banking data and initiate payments. Akahu is one of three fintech partners enabling Kiwibank's open banking ecosystem.
• VolleycoreTechnology or Integration · 29 May 2026Kiwibank partnered with fintech Volley as part of its open banking implementation, allowing third-party services to plug directly into Kiwibank's systems for data sharing and payment services. Volley is among the fintech providers enabled through Kiwibank's open banking API.
• XerocoreTechnology or Integration · 28 May 2026Open banking enables third-party providers like Xero to develop services that plug directly into Kiwibank's systems, allowing accounting software integration for automated reconciliation and funding applications for business customers.
• VisacoreTechnology or Integration · 30 April 2026Kiwibank is enrolled in Visa's Agentic Ready programme in New Zealand alongside ANZ NZ, ASB Bank, and Bank of New Zealand. The programme tests and validates AI agent-initiated payments using Visa's existing network infrastructure including tokenisation, identity verification, and risk management, simulating agent-initiated transactions in controlled environments.
• AWS (Amazon Web Services)coreOthers · 29 July 2025Kiwibank signed up to use the AWS Asia Pacific (New Zealand) Region when it launches in Auckland. AWS committed a $7.5 billion investment to build the region, which is projected to contribute $10.8 billion to New Zealand's GDP over 15 years. Kiwibank is among the first enterprise customers for the new cloud region.
• Ministry of AwesomeminorStrategic or Co-development Partner · 25 June 2025Kiwibank launched its StartUp+ funding programme in collaboration with Ministry of Awesome, piloting the progress-based startup funding solution with the startup ecosystem organisation. Ministry of Awesome provides startup support and mentorship alongside Kiwibank's flexible capital.
• TowercoreChannel Partner/ Reseller/ DistributorKiwibank partners with Tower as its insurance provider for house, contents, car, landlord, and specialist insurance products. Customers can obtain quotes and purchase these products through Tower's platform with Kiwibank branding and referral. Tower also offers motorbike, motorhome, caravan, trailer, lifestyle block, contract works, and travel insurance through this partnership.
• nibcoreChannel Partner/ Reseller/ DistributorKiwibank partners with nib as its life and living insurance provider. Customers are referred to nib for life cover, living insurance (income protection and serious illness trauma), with nib specialists available for call-back discussions and phone applications.
• Fisher FundscoreChannel Partner/ Reseller/ DistributorKiwibank refers customers to Fisher Funds for managed funds (nine investment options, min $2,000 lump sum or $100/month) and the Private Portfolio Service (personalised investment advice). Kiwibank receives referral payments from Fisher Funds group entities for customers who join these products.

Scale indicators9 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• ANZ Bank New Zealand: ANZ NZ is the largest bank in New Zealand and one of the four Australian-owned major banks competing head-to-head with Kiwibank across retail and business banking. It serves as the primary benchmark for Kiwibank's market share, product range, and digital capabilities.
• TSB Bank: TSB is a New Zealand-owned retail and SME bank operating primarily in the Taranaki region, comparable to Kiwibank as a domestically-owned challenger to the Australian-owned majors. It offers similar deposit, lending, and digital banking products.
• SBS Bank: SBS Bank is a New Zealand-owned mutual bank offering retail and small business banking products, particularly in the South Island. It is comparable to Kiwibank as a smaller, locally-owned competitor to the four major Australian-owned banks.
• ASB Bank: ASB Bank is the second-largest NZ bank, owned by Commonwealth Bank of Australia. It competes directly with Kiwibank in retail mortgages, business lending, and digital banking, and is part of the open banking regulatory rollout alongside Kiwibank.
• Westpac New Zealand: Westpac NZ is the fourth-largest NZ bank and an Australian-owned major that competes directly with Kiwibank across personal and business banking. It is part of the open banking rollout alongside Kiwibank.
• The Co-operative Bank: The Co-operative Bank is a smaller NZ-owned challenger bank offering retail deposit and mortgage products. It competes with Kiwibank for customers seeking an alternative to Australian-owned banks, particularly on ethical and values-based positioning.
• Bank of New Zealand (BNZ): BNZ is the third-largest NZ bank, owned by National Australia Bank. It is the proposed merger partner for Kiwibank to form a 'National Bank of New Zealand', making it the most strategically significant peer for Kiwibank's future.

Broad incumbents

• Bendigo and Adelaide Bank: Bendigo and Adelaide Bank is an Australian regional bank with a customer-owned, community-focused model. It is comparable to Kiwibank in challenger positioning, branch-led distribution, and SME banking focus within its home market.

Emerging players

• ICBC New Zealand: ICBC NZ is the local subsidiary of Industrial and Commercial Bank of China, offering retail and commercial banking in New Zealand. It is comparable as a foreign bank subsidiary competing in NZ retail and business banking.
• Heartland Group Holdings: Heartland is a NZ-listed challenger financial services group offering reverse mortgages, asset finance, and specialist lending. It overlaps with Kiwibank in business lending and represents a smaller, nimbler competitor in NZ banking.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/kiwibanknz
• YouTubeyoutube.com/@Kiwibank
• Facebookfacebook.com/kiwibanknz
• LinkedInlinkedin.com/company/kiwibank
• Instagraminstagram.com/kiwibank
• TikToktiktok.com/@kiwibank

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments2 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Kiwibank