New StartUp+ initiative aims to empower Kiwi startups
Kiwibank has launched StartUp+, a tailored funding solution designed specifically for early-stage businesses, aiming to close the gap between traditional lending models and startup needs.
The bank said it is stepping up to reshape the funding landscape by building a financial ecosystem that empowers startups, unlocks opportunity, and supports sustainable business growth across New Zealand.
StartUp+ offers progress-based funding that evolves with a business, enabling startups to access the capital they need at the right stage, without facing conventional banking roadblocks.
The launch comes amid cautious business sentiment. According to the latest Westpac-McDermott Miller survey, job prospects remain weak and wage growth subdued, highlighting the need for support systems to help entrepreneurs navigate uncertain conditions.
“Startups don’t fit into traditional lending models”
Elliot Smith (pictured left), chief customer officer of business, said the launch responds directly to the reality that standard banking products don’t work for new ventures.
“Startups don’t fit into traditional lending models, and we recognised the need for a more tailored and flexible approach that genuinely supports early-stage businesses,” Smith said in a media release. “This is us challenging the status quo to better serve these businesses and it’s exactly the kind of innovation that will strengthen the startup economy.
“Startup founders deserve financial solutions that work with them, not against them. They wear many different hats each day, and the financial decisions can sometimes feel daunting, so we’re making funding simple, easy and accessible to help them unlock their potential early.”
Smith said StartUp+ is “designed to evolve alongside businesses, creating a foundation for sustainable growth so entrepreneurs can focus on what matters – building something great.”
Strong growth in business lending drives momentum
Joanna Greaves (pictured right), general manager of business banking, said StartUp+ reflects Kiwibank’s expanding role in the business finance sector.
“We’re backing Kiwi businesses at pace and that’s evident in our faster than market growth,” Greaves said. “We’ve accounted for 25% of all business lending in New Zealand last year, giving us a good feel for what Kiwi businesses need right now.
“Launching Kiwibank StartUp+ is a leap forward in building the funding landscape New Zealand needs to stay competitive, innovative, and resilient.”
Partnership with Ministry of Awesome to pilot program
The StartUp+ initiative will launch as a pilot in collaboration with Ministry of Awesome, allowing for feedback from participating businesses to shape future offerings.
Electrify chairwoman and Ministry of Awesome CEO Marian Johnson welcomed the move.
“Startups face complex challenges that traditional funding models simply don’t account for. It’s exciting to see our New Zealand-owned bank step up with something truly fit-for-use,” Johnson said. “This is what happens when major institutions act with agility and purpose. It’s the kind of support that can transform our entrepreneurial ecosystem.”
Kiwibank StartUp+ is now available in pilot phase. For full details on eligibility and how to apply, visit Kiwibank’s StartUp+ page.
