Rapidly growing Queensland fintech and neobank startup WLTH has secured a $7 million (US$4.62 million) investment from Papua New Guinea’s Kina Bank.
Trade and Investment Queensland has been seeking trade and investment opportunities for businesses in the region under the Queensland Pacific Trade and Investment Strategy released in November 2022.
This week during the 39th Australia Papua New Guinea Business Forum & Trade Expo held on the Gold Coast, Trade and Investment Queensland congratulated Kina Bank on their investment and amplifying investor confidence in the State from the Pacific Islands.
Founded in Brisbane in 2019 by entrepreneurial brothers Brodie and Drew Haupt, WLTH’s company mission is to disrupt the traditional lending and payments sector while operating under a strong environmental sustainability framework.
In partnership with Parley for the Oceans, the digital lending and payments fintech provider has committed to cleaning up 50 square metres of beaches and coastline for every settled loan.
Kina Bank is the largest wealth management company in PNG, and a leading stockbroking company and funds administrator.
CEO Trade and Investment Queensland, Justin McGowan said: “Connecting Queensland companies with our Pacific partners is fundamental to achieving the objectives of the Queensland Pacific Trade and Investment Strategy.
“Both Kina Bank and WLTH are committed to pioneering digital banking to drive financial inclusion through access, demonstrating the future of digital finance.
“WLTH represent the depth of passion for discovery and innovation that Queensland is all about and doing so while incorporating tangible environmental sustainability into their business practices.
“We welcome this great partnership and look forward with anticipation to seeing the promising results of their joint achievements.”
Queensland Senior Trade and Investment Commissioner, Leata Alaimoana said: “Papua New Guinea plays a vital role in the growth of those opportunities, as Kina Bank and WLTH illustrate through this investment.
“A consistent challenge experienced across the Pacific region is access to finance due to a lack of a reliable identification system, and this, amongst other benefits, is a critical role that fintech can address.
“WLTH are a shining example of Queensland ingenuity in fintech, and their commitment to sustainability is woven into their business model which has a tangible impact on the environment.
“From their recyclable Visa cards and their partnership with Parley for the Oceans, WLTH meet the priorities for both Queensland and the Pacific for environmentally conscious business practices.”
CEO & Managing Director Kina Bank, Greg Pawson said: “Kina Bank is proud to partner with one of Australia’s leading fintech companies in WLTH to explore opportunities to leverage its core digital lending and payments capability to support our own growth initiatives and aspirations as the leading digital Bank in PNG.
“We are currently working together in partnership on an exciting programme of work to digitalise our personal lending origination.”
Co-Founder & CEO WLTH, Brodie Haupt said: “WLTH has forged a strong partnership with KINA, a leading bank in Papua New Guinea (PNG), to revolutionise the banking experience in the country.
“With the support of Trade and Investment Queensland, WLTH and KINA have collaborated to bring innovative technology solutions to the PNG market.
“WLTH shares a common vision with KINA to change things for the better. WLTH understands KINA’s commitment to challenging the status quo in PNG banking and applauds its innovative approach.
“Beyond the banking world, WLTH also shares KINA’s dedication to making an impact on its communities.
“We have chosen Brisbane as our headquarters, reaffirming out strong ties to the region. This strategic decision highlights WLTH’s dedication to supporting Queensland’s digital transformation and driving economic growth in the local community.
“WLTH acknowledges the significance of international investment into Queensland, particularly from the Pacific region. It drives economic growth, creates job opportunities, fosters innovation, and promotes cultural exchange.
“WLTH has received valuable support and partnership from Trade and Investment Queensland, which has been instrumental in driving trade and investment opportunities between Queensland and Papua New Guinea,” said Brodie.