IPromise

What IPromise does

IPromise is a New Zealand-based software-as-a-service company operating an everyday escrow payment platform for small and medium enterprises, tradies, contractors, agencies, and online marketplace buyers and sellers. Founded in 2021 and headquartered in Oakura, the company holds buyer payments in a Bank of New Zealand (BNZ) trust account until a service is completed or goods are delivered, addressing an estimated NZD $7.4 billion-plus annual overdue payment problem facing NZ SMEs. The platform is registered as a Financial Service Provider (FSP 1002306), a member of Financial Services Complaints Limited (DRS 8793), and operates under AML/CFT compliance regulated by the Department of Internal Affairs.

The product surface is a unified web and mobile application offering quote building with photo and document attachments, project dashboards, secure in-app chat, automatic invoicing and receipting, CSV export, and bi-directional synchronization with Xero accounting software. Payments are processed through Windcave and Stripe, with identity verification delivered by Cloudcheck (GBG) for KYC and AML compliance. A specialized Retentions Management module helps construction firms comply with the Construction Contracts (Retention Money) Amendment Act 2023, where non-compliance fines can reach NZD $500,000.

IPromise monetizes through two distinct streams. For service businesses, three monthly subscription tiers are offered: Starter (NZD $20, up to 5 accepted quotes), Standard (NZD $40, up to 15 accepted quotes), and Premium (NZD $90, unlimited quotes), each preceded by a 90-day free trial with no credit card required. For goods transactions, a flat NZD $10 fee per completed sale is charged to the seller with no subscription required. Customer acquisition is product-led via self-serve sign-up, content marketing, the Xero app marketplace, and referral partnerships with industry associations such as Master Electricians and legal firm Ford Sumner / Tradie Law. The company reports thousands of NZ business customers across tradies, online sellers, contractors, agencies, property investors, and small businesses, with operations restricted to New Zealand only.

Name

IPromise

Legal name

IPromise Limited

Website

https://ipromise.co.nz

Company type

Private

Founded year

2021

Operating status

Operating

Headcount range

1–10 employees

Short description

IPromise is a New Zealand-based SaaS escrow platform that holds buyer payments in a BNZ trust account until jobs or goods are delivered. It serves NZ small businesses, tradies, contractors, agencies, and online marketplace sellers via subscription tiers and flat per-transaction fees.

Ownership category

akta.pro rank

Headquarters

HQ city

Oakura

HQ country

New Zealand

HQ region

Oceania

Offices1 record

Markets served

GTM type

B2B

Offering type

Software

Cost components

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

Revenue model

1. Business Subscriptions (Services): Monthly subscription plans for service-based businesses (tradies, contractors, consultants). Three tiers: Starter ($20/mo), Standard ($40/mo), Premium ($90/mo). Includes free 90-day trial. Revenue is recurring monthly based on subscription tier with no commission on transactions.
2. Goods Transaction Fee: Flat $10 NZD fee per completed goods transaction, paid by the seller. No subscription required for goods trading. No commission on bank account transfers. Small processing fee for credit card payments.
3. Retention Management (Construction): Construction retention management for compliance with Construction Contracts (Retention Money) Amendment Act 2023. Priced as part of subscription tiers ($20/month covers up to 5 retentions under Starter plan).

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels6 records

Core offering

IPromise is a New Zealand SaaS escrow platform that securely holds buyer payments in a BNZ trust account until a service job is completed or goods are delivered, then releases funds to the seller. It provides service-based businesses (tradies, contractors, consultants, agencies) with quote building, project dashboards, automated invoicing, Xero integration, and secure chat, while also offering a flat-fee escrow service for online buyers and sellers of goods via TradeMe and Facebook Marketplace.

Product overview

IPromise is a New Zealand-based SaaS company offering an everyday escrow platform that securely holds payments in a BNZ trust account until transactions are complete. The core product is the IPromise Escrow Platform, a unified web/mobile application providing quote building, instant chat, project management, automated invoicing, and payment release features. The platform serves both services (tradies, contractors, consultants, agencies, small businesses) and goods transactions (online sellers, marketplace buyers). For services, subscription tiers are offered: Starter ($20/month for up to 5 accepted quotes), Standard ($40/month for up to 15 accepted quotes), and Premium ($90/month for unlimited quotes), all with a 90-day free trial. For goods transactions, a flat $10 fee per sale applies with no subscription required. An additional Retentions Management add-on ($20/month via Starter plan) addresses construction contract retention compliance under NZ law. The Xero accounting integration provides automatic quote/invoice synchronization.

Differentiator

Problem solved

Functional benefit

Products and services

• IPromise Escrow Platform

Quantifiable outcome

• Get paid 150x faster
• +2 more outcomes

Named customers8 records

Segments7 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

Feature6 records

Partnerships

Twelve partnerships are on record, tiered core, strategic and supporting.

• Bank of New Zealand (BNZ)coreTechnology or IntegrationBNZ holds the Trust Account (escrow account) on behalf of IPromise. All customer funds are held in BNZ trust accounts, providing security and regulatory oversight for the escrow service. BNZ only provides this arrangement after satisfying themselves of IPromise's controls, processes, and credibility.
• WindcavecoreTechnology or IntegrationWindcave securely processes all payments within the IPromise system. It's a secure outsourced partner to major merchant banks in Australasia, trusted with hundreds of millions of transactions annually. All data is TLS encrypted with the same level of security as online banking portals.
• XerocoreTechnology or IntegrationBi-directional Xero integration allows automatic sync of quotes and invoices. When payment is released, invoices are automatically mirrored to Xero and marked as paid. Users can connect accounts in seconds and reduce payment administration by up to 80%.
• Cloudcheck (GBG)coreTechnology or IntegrationCloudcheck provides identity verification and customer due diligence services for AML/CFT compliance. Industry-leading identification verification company that automates and integrates the verification process using real-time technology.
• Ford Sumner Lawyers / Tradie LawstrategicImplementation/ SI/ Consulting PartnerLeading Wellington legal firm partnered with IPromise for construction retention compliance. Ford Sumner championed the Construction Contracts (Retention Money) Amendment Act 2023. They provide legal guidance and referral of clients needing compliant retention solutions.
• StripesupportingTechnology or IntegrationStripe processes credit and debit card payments within the IPromise system for amounts up to $10,000.
• FinTech NZsupportingOthersIPromise is a member of FinTech NZ, the industry association for New Zealand fintech companies.
• TradePartnerssupportingChannel Partner/ Reseller/ DistributorPartner listed on IPromise website as part of their partner ecosystem.
• CreativeHQsupportingGTM or Marketing PartnerPartner listed on IPromise website as part of their partner ecosystem. CreativeHQ is a New Zealand startup incubator/accelerator.
• Builtin InsurancesupportingOthersPartner listed on IPromise website providing insurance services to IPromise users.
• Master ElectricianssupportingGTM or Marketing PartnerPartnership with Master Electricians New Zealand trade association for reaching tradie customers.
• Financial Services Complaints Limited (FSCL)coreOthersIPromise is a member of the Financial Services Complaints Limited Dispute Resolution Scheme (DRS 8793). FSCL is an independent, not-for-profit, external dispute resolution service approved by the Minister of Consumer Affairs.

Scale indicators3 records

Recent moves6 records

Expansion highlights6 records

Broad incumbents

• Stripe: Global payments infrastructure provider; Stripe is already integrated into IPromise for card processing but also has the scale and developer reach to offer escrow-style payment protection natively to NZ merchants.
• PayPal: Global digital payments incumbent offering buyer/seller protection features that functionally overlap with escrow. Operates at vastly greater scale and could encroach on NZ SMB payment-security use cases.
• Wise: Global cross-border payments platform with deep NZ/AU SMB penetration. Comparable as a fintech addressing payment pain points for SMBs in the same region, though focused on remittance rather than escrow.
• Afterpay: ANZ-rooted (now Block-owned) consumer payment fintech. Comparable as a high-profile NZ/AU fintech brand addressing payment friction for SMBs and consumers, with much larger scale.

Regional players

• Pushpay: NZ-origin payments platform (now ASX-listed) focused on faith-based and community organizations. Comparable as a NZ-rooted SaaS payments company scaling regionally, though serving different verticals.
• Airwallex: APAC-focused cross-border payments and treasury platform with strong ANZ presence. Comparable as a regional fintech serving SMB payment workflows, though oriented to FX/multi-currency rather than escrow.
• Trade Me: New Zealand's largest online marketplace, cited as a channel where IPromise's goods-escrow service is actively used. Comparable as a NZ platform addressing buyer/seller trust in transactions, though operating its own marketplace rather than escrow.
• Laybuy: NZ-origin buy-now-pay-later provider. Comparable as a NZ fintech addressing SMB/consumer payment friction, though with a different financial product (BNPL vs. escrow).

Others

• Xero: NZ-origin global accounting SaaS platform and IPromise's core integration partner. Comparable as a NZ-rooted fintech SaaS serving SMB financial workflows, but functions as a distribution/integration partner rather than a direct competitor.

Direct peers

• Escrow.com: Global pure-play online escrow service for both goods and domain/vehicle transactions. Closest direct competitor to IPromise's core escrow model, though operating internationally rather than NZ-only.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Funding overview

Funding rounds1 record

Investors1 record

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

M&A

Investments

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

Frequently asked questions about IPromise