Wedge is a mobile‑first savings platform for New Zealand residents that lets users open a managed Savings Fund in minutes and earn a higher, consistent interest rate than traditional bank accounts. The app offers fee‑free, unlimited deposits and withdrawals via bank transfers, goal‑setting tools with visual progress tracking, and full regulatory protection as a licensed Managed Investment Scheme.
Funding
Funding not disclosed
Founders
Product
Problem
Many New Zealand savers rely on traditional bank accounts that offer very low interest rates, causing a large portion of household cash to earn little or no return and contributing to a national savings shortfall.
Solution
Wedge provides a mobile‑first savings platform that lets users open a managed Savings Fund in minutes using a smartphone app. The fund invests pooled deposits in high‑quality cash and fixed‑income assets sourced from global wholesale markets, generating a higher, consistently attractive savings rate than typical bank accounts. Users can set personalized savings goals, track progress with visual tools, and add or withdraw money at any time with no fees, minimum balances, or penalties. The service is regulated by the Financial Markets Authority as a Managed Investment Scheme and overseen by an independent supervisor, ensuring strong protection of investors’ capital.
Target Audience
Wedge targets New Zealand residents aged 18 + who want a simple, high‑yield alternative to low‑interest bank savings accounts, including individual consumers and small businesses seeking better cash management.
Features
- Mobile app onboarding with simple identity verification (NZ driver licence or passport, IRD number, email, phone)
- Unlimited, fee‑free deposits and withdrawals via standard bank transfers using a unique Wedge ID reference
- Goal‑setting interface allowing custom names, images, and real‑time progress visualization
- Access to a diversified portfolio of cash and fixed‑interest assets that delivers a higher savings rate than conventional banks
- Full regulatory compliance: licensed scheme manager, supervised by The New Zealand Guardian Trust, with segregated custody of assets
- No minimum balance or transaction limits, providing on‑call liquidity for everyday cash management