Dosh
“Can a digital wallet become New Zealand's first fully digital, locally-owned bank?”
Founded2021
HQAuckland, New Zealand
FoundersShane Marsh, James McEniery
Total raised$5M+ (seed)
Latest roundSeed, 2022
IndustryFintech / Neobank
The story
Founded 2021 by Kiwi expats returning from Singapore inspired by digital wallets abroad, Dosh launched as New Zealand's first locally-owned digital wallet (funds held in trust at an NZ registered bank). It expanded from peer-to-peer payments into a full money app with savings, a Visa debit card (via Novatti program management), home loans (brokered to Westpac and Avanti), and rewards (One NZ Phone Dollars). In 2025 Dosh announced a Visa + Pismo core banking collaboration and stated intent to pursue a NZ bank registration — positioning itself as NZ's first fully digital, locally-owned bank.
Product timeline
2021
Dosh founded in Auckland by Shane Marsh and James McEniery as NZ's first locally-owned digital wallet· pivot
2022
Raised $5M seed round (reported NZ record for seed)· funding
2022
Partnered with Visa and Novatti to launch Dosh Visa debit card· card
2025
Announced collaboration with Visa and Pismo to modernize core banking platform; signaled intent to become registered NZ bank· banking
2025
Launched home loans (Westpac NZ and Avanti Finance) and One NZ Phone Dollars rewards partnership· lending
Regulated entities
2
regulatory licences held by Dosh
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
The stack
7 layers disclosed in Dosh’s embedded-finance stack
Payments / PSP
Windcave (pay-in / instant top-up)Dosh Pay (self-operated P2P wallet)
Banking / BaaS
in the full report
Card issuing
in the full report
Ledger
in the full report
Lending
in the full report
Open banking
in the full report
Sponsor bank
in the full report
Accounting gap: none
8 more providers across 6 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.