Anyone who's tried to get business funding as a startup knows the frustration. Banks ask for two years of trading history when you've barely been operating for two months. It's the classic catch-22: you need money to grow, but you need growth history to get money.
Kiwibank is trying to disrupt traditional banking norms and change that equation.
Rethinking Traditional Banking Requirements
Speaking at Electrify Aotearoa, Kiwibank Chief Executive Steve Jurkovich put it plainly: "We've asked weird things like 'I know you're a startup, but can you give us two years' worth of accounts?'" He acknowledges what many entrepreneurs already know — traditional banking and startup flexibility simply don’t align.
Kiwibank Startup+ ditches those requirements in favour of something more practical. Instead of demanding extensive trading history and collateral, it looks at business milestones and growth potential.
How Milestone-Based Funding Works
With Kiwibank Startup+, startups can access up to $150,000 NZD in milestone-based tranches.
Joanna Greaves, GM Business Banking at Kiwibank, explains the thinking: "This approach is about structured tranches of funding aligned to business milestones. We're talking about support that evolves as the business grows."
She emphasises that this isn’t just about individual ventures, but about strengthening the wider ecosystem: "By backing startups in this way, it's not just about enabling the individual enterprise to thrive — it's about strengthening the broader startup ecosystem that fuels innovation and long-term growth here in New Zealand."
Kiwibank is partnering with the Ministry of Awesome, working specifically with startups in their Founder Catalyst programme. These businesses already have short-term growth goals, making them ideal candidates for flexible funding that matches their needs.
Local Decisions for Local Businesses
What sets Kiwibank apart from the larger banks is its ability to make decisions locally. As Jurkovich explains: "Startup+ reflects our commitment to doing things differently - creating modern, inclusive financial solutions that make Kiwi better off and supports the productive economy”.
This isn’t just a trial run either. While it’s starting with a pilot, Jurkovich is clear about the long-term vision: "This is about a pathway to scaling and we believe it’s the kind of support that can transform our entrepreneurial ecosystem.”
Building the Startup Ecosystem
By removing traditional banking barriers, Kiwibank is creating a new standard with a flexible, progressive model that reflects how real Kiwi businesses grow, unlocking their potential early.
Kiwibank is actively seeking feedback to refine the approach. As they put it, this may not be the final answer — but it’s designed to be a strong starting point that evolves based on real founder experiences.