Dosh seeks licence to become a bank in New Zealand
Dosh, a New Zealand-based fintech which offers a money app built to help users “spend, save, and borrow money”, has unveiled its intentions to become a digital-only bank by applying for a banking licence from the Reserve Bank of New Zealand.
Dosh aims to become NZ’s “first locally-owned, digital-only bank”
Founded in 2020 by James McEniery and Shane Marsh, Dosh originally set out to design a mobile payments application for quick and contactless peer-to-peer (P2P) payments, becoming the first local mobile wallet in New Zealand in the process.
The company has since introduced several financial products through its platform, such as personal loans, savings accounts, and its own Dosh Visa debit card.
By obtaining official bank status, Dosh will be able to hold money directly for its customers. According to the firm’s website, funds in a Dosh account are currently “held on trust with an AA-rated NZ registered bank”.
Announced via a post on LinkedIn, Marsh explains the firm’s rationale for its banking licence application: “Our motivation in taking this step is we believe New Zealand consumers deserve competitive banking services which meet their needs. If successful, this application will make Dosh New Zealand’s first locally-owned, digital-only bank.”
“Our digital-only service enables us to achieve new efficiencies for banking consumers, creating a downward pressure on financial product pricing and enabling a more convenient user experience,” Marsh adds.
Going forward, in an interview with BusinessDesk, the co-founders hinted that the next product offering on the company’s horizon is home loans.
