Dosh, New Zealand’s first digital wallet, has raised $5 million in what it called a record-setting seed investment round, TechFundingNews reported Monday (April 4).
The infusion of funds will be used for product development, per the report, and allow the company to reach its vision of providing consumers greater financial freedom, control and access to their cash 24/7.
This round of funding was supported by existing investors which were not named with support from Kindrick Partners, a Singapore-based law firm.
“The significant Dosh raise reflects the material opportunity in New Zealand for a locally grown, digitally focused competitor in the banking services market,” said Dosh co-founder Shane Marsh. “We believe there is a gap in the market for Dosh to provide services that give Kiwis greater freedom and control over their money.”
This investment comes as the outlook for the digital wallet FinTech sector is expected to reach $7 trillion by 2027, up from $1 trillion today, Dosh said.
The latest round of funding follows its seed funding of $1 million in March. Dosh said most of the funds came from a private, unnamed investor who shares the company’s vision for the future of payments in New Zealand.
Dosh was launched in 2021 by Marsh and James McEniery. The duo formed MCA Investments to develop the digital wallet app, inspired by the rise in instant payment apps.
Dosh’s news arrives on the same day mobile payment provider DigiWallet announced its partnership with mobile financial services software firm Telepin to advance mobile financial services in Belize.
Read more: DigiWallet Teams with Telepin to Advance Mobile Financial Services
A financial software company for mobile processes, Telepin said it is powering the Belize-wide rollout of mobile payments platform DigiWallet.
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