Wedge Hits $100M Milestone In Mission To Save Kiwis Billions

Six months after launch, New Zealand fintech Wedge has hit $100 million in managed funds and nearly 2,000 customers, offering savings rates far above traditional banks and aiming to save Kiwis billions.

Founded by brothers Dave and Andy McLeish alongside Angela Quirk and Lyle McNee, the Auckland-based company is positioning itself as a bold alternative to bank savings rates that sit as low as 0.05%.

"New Zealanders have been underserved when it comes to competitive savings rates, and we're here to change that," says Chief Customer Officer Andy McLeish. "Our mission is to save New Zealand's savings."

With around $300 billion currently sitting in bank savings accounts, Wedge estimates Kiwis could collectively save $6 billion a year if that money were held on its platform instead of flowing to bank shareholders.

Even at its current size, the impact is already real. "We're currently saving our customers about $2 million a year," McLeish says. "That's $2 million staying in their own pockets rather than going to the banks."

Wedge’s model offers what McLeish describes as “the superior returns of a managed fund with the benefits of a bank account, including a set rate of interest.” Customers receive on-call access with no penalties or minimums, and returns are paid daily through a banking-style mobile app.

The company invests in low-risk global cash and bond assets and maintains a portfolio credit rating of AA, higher than most major New Zealand banks. "We guarantee the return that we advertise," McLeish says. "You take no more risk with us than you do with a bank. In fact, our credit rating is higher."

Getting to market was its own battle. Securing regulatory approval from the Financial Markets Authority delayed launch by nearly six months. "We just didn't fit in a box," McLeish recalls. "The FMA would ask, 'Is it A or B?' and we'd go, 'Well, it's C.' And they'd say, 'There is no C.' But there is now."

Despite the hurdles, the founders self-funded the entire venture, turning down private equity offers to retain control. As McLeish puts it, "It feels good to be doing something that is actually good for the country."

Looking ahead, Wedge is expanding into notice savers and term deposits, with business and trust accounts already rolling out. As McLeish says, "I think we can be saving Kiwis billions of dollars a year."

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