New Zealand’s fintech sector is undergoing a dynamic transformation, and at the forefront of this wave are Indian-origin entrepreneurs who are reshaping the financial landscape. Startups like Homely, Debut, and Wismopay are not only introducing innovative solutions but are also addressing critical gaps in the financial ecosystem. Here’s a closer look at their inspiring journeys and the impact they’re making.
Homely: Revolutionizing Mortgage Applications
Co-founded by Roy Chowdhury, Homely is an AI-driven digital mortgage assistant designed to simplify the complex home loan process for Kiwis. Traditionally, over 60% of borrowers rely on mortgage brokers, often leading to limited transparency due to broker commissions. Homely disrupts this model by offering a single platform where borrowers can access multiple lenders, compare offers, and negotiate better deals—all without bias or fees.
Homely’s marketplace fosters competition among lenders, ensuring customers receive tailored and competitive options. With three lenders already on board and more in negotiation, the startup is gearing up for a full launch later this year. By leveraging AI to streamline applications and empower borrowers, Homely is setting a new standard for home financing in New Zealand.
Debut: Building the Bank of the Future
Sulabh Sharma and Sheenu Chawla, the husband-and-wife duo behind Debut, are redefining banking with their fintech startup. Debut offers a universal interest rate of 5.10% per annum across all accounts—challenging traditional banks that limit interest to specific savings accounts. Their services also include AI-driven budgeting tools with high accuracy and innovative features like virtual debit cards for secure online transactions.
Debut is actively working towards becoming New Zealand’s first locally-owned registered bank under an open banking framework. Their mission aligns with creating a more inclusive financial system by minimizing barriers such as geographic constraints and offering instant account setup. With a focus on transparency and customer-centricity, Debut is poised to transform how New Zealanders manage their finances.
Wismopay: Transforming Mobile Payments
Founded by Shweta Pandkar and Jithin Chittibomma, Wismopay is tackling inefficiencies in mobile payments by offering real-time, low-cost account-to-account transfers. Unlike traditional payment systems reliant on card networks, Wismopay provides merchants with a subscription-based model and tools like Soundbox for hands-free payment updates.
Targeting both consumers and businesses, Wismopay enables seamless digital wallet integration for quick transactions. Inspired by India’s Paytm model, the startup aims to bring similar convenience to New Zealand while eliminating high merchant fees. With strong support from Auckland’s South Asian business community and ongoing regulatory approvals, Wismopay plans to go live this year.
Driving Innovation in Fintech
These startups exemplify how Indian-origin entrepreneurs are leveraging their expertise to disrupt conventional financial systems. By addressing challenges like mortgage complexity, banking inclusivity, and payment inefficiencies, they are creating solutions that benefit both consumers and businesses.
Their impact extends beyond financial innovation; they are fostering competition in traditionally monopolized sectors while empowering underserved communities. With their vision and technological acumen, these founders are not just shaping New Zealand’s fintech scene—they’re setting benchmarks for global innovation.
The stories of Homely, Debut, and Wismopay highlight the transformative potential of fintech when driven by purpose and innovation. As these startups continue to grow, they serve as a testament to the entrepreneurial spirit of Indian-origin founders who are making waves in New Zealand’s financial sector. Their journey underscores the importance of embracing disruption to build a more equitable and efficient future for all.
