“Can a digital wallet become New Zealand's first fully digital, locally-owned bank?”
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.
Dosh discloses Novatti (card program manager) + Pismo (core banking platform, 2025) as its banking provider, with Unnamed NZ registered bank (trust account for customer funds) as its sponsor bank, according to the Embedded Finance Index 2026.
Dosh does not disclose a bank charter of its own; its banking services are provided through Unnamed NZ registered bank (trust account for customer funds).
Dosh processes payments through Windcave (pay-in / instant top-up) and Dosh Pay (self-operated P2P wallet).
Dosh's cards are issued through Novatti.
Dosh's lending and capital products are provided by Westpac New Zealand Limited (home loans) + Avanti Finance (non-bank lending partner).
Dosh runs its ledger on Pismo.
Dosh connects to bank accounts through Illion bankstatements.co.nz.
The Embedded Finance Index 2026 maps 7 layers in Dosh's stack: Payments / PSP (Windcave (pay-in / instant top-up) and Dosh Pay (self-operated P2P wallet)); Banking / BaaS (Novatti (card program manager) + Pismo (core banking platform, 2025)); Card issuing (Novatti); Ledger (Pismo); Lending (Westpac New Zealand Limited (home loans) + Avanti Finance (non-bank lending partner), Dosh Home Loans (issued by Westpac NZ) and Dosh Personal Loans (via Avanti Finance)); Open banking (Illion bankstatements.co.nz); Sponsor bank (Unnamed NZ registered bank (trust account for customer funds)).
Dosh was founded by Shane Marsh and James McEniery and is founded in 2021, headquartered in Auckland, New Zealand.
Dosh has raised $5M+ (seed) in total (latest round: Seed, 2022).
Get a read on where your own stack stands against Dosh and the rest of its category — what they built versus bought, which providers they use, and where the gaps in your own strategy and competitive set actually are.