Auckland Startup Week is coming + Nicola Taylor reflects on Taxi success
Plus: Caffeine is thrilled to announce a brand new partnership.
Happy Thursday!
Easter is almost upon us and in the spirit of holiday cheer we thought we’d give you all one free bumper news letter before we take a (hopefully?) well deserved break until April 28!
We’re kicking off this morning with a brand new partnership we couldn’t be more excited about as well as a check in with an absolute startup champion and all around legend: Taxi co-founder, Nicola Taylor.
Here’s the Daily Shot of news you don’t want to miss:
BNZ wants to change banking to fit startups, not the other way around
Taxi co-founder Nicola Taylor reflects on struggles, successes and fintech's bright future
Auckland startup week is coming 20 October to Friday 24 October 2025
Pod Pick: Wild Hearts with Magic Brief Founder George Howes
Event: Manawatū Innovation Showcase May 1
A.I 2027: A terrifying but fascinating glimpse into our potential near future
Also, it’s the LAST day to take our Caffeine Readership Survey 2025 and we’d be so grateful if you can take a few minutes and tell us what’s working, not working, the parts of Caffeine you love and perhaps what’s missing that you want to see.
Feedback is a powerful gift and we want to hear your honest thoughts. And to sweeten the deal, anyone who completes will go in the draw to win a free year long paid sub to Caffeine!
As always, thank you to everyone who has upgraded to a paid subscription or simply recommended Caffeine to friends and whānau. We couldn’t do any of this without you.
Finn and the CAFFEINE team
We’re excited to announce our new partnership with BNZ. As New Zealand's largest business bank, BNZ shares our mission to support the next wave of founders and operators. Over the coming months, we’ll be working together to share insights, tools, and stories that help you grow smarter and faster. Keep an eye out every Wednesday and Thursday for content powered by BNZ.
BNZ wants to change banking to fit startups, not the other way around
The high-risk, high-reward world of startups and the methodical, risk-averse world of banking might seem worlds apart but one bank is bridging the gap.
"Our philosophy is simple: adapt the bank to the tech businesses, not the other way around," Tim Wixon, BNZ's Head of Technology Industries explains.
BNZ realised around a decade ago it had to approach things differently, since technology businesses have unique needs that traditional banking models weren't designed to support.
This required rethinking banking conventions and creating new services and systems to cater to the specific needs of a rapidly evolving sector.
“The bank systems were created long ago and the accounting standards, the formation of the language that everyone speaks, were developed in the 70s and haven't updated a lot since then,” Wixon says. “Business models, though, have changed a lot”.
Approaches that are now commonplace in its tech vertical raised some eyebrows 10 years ago when BNZ started. For example, lending to certain pre-profit businesses, looking at unit economics and lead indicators to revenue and understanding the economic value of intangible assets, to name a few.
“While not our mainstay, we've got three portfolios that support pre-profit companies which are specific mandates within BNZ and recently we just did a pre-revenue term sheet which is the last convention that I ever thought we'd break,” Wixon explains.
While the work he does now is unconventional compared to traditional banking, so was Wixon's journey to leading BNZ's tech strategy.
"I'm a creative that ended up doing law, finance and economics,” he says.
After practicing securities law during the global financial crisis and leading a capital raising team at the Financial Markets Authority, he became fascinated by technology businesses.
"My job was effectively to support listing companies and their advisers describe simply and accurately how a business makes money, and the risks, from gentailers to tech businesses," he recalls. "Many in that era were SaaS business models, which I fell in love with at the time."
His insights, when he joined BNZ, led him to building an unorthodox strategy: tech-focused banking built from the ground up.
“BNZ was considering moving from generalist banking to having a sector focus. I really bought into this idea. Everyone else had ~10 years’ experience and I needed a way to differentiate. I put my hand up and said I'm going to have a crack at the tech industry, which got a few raised eyebrows.”
Today, BNZ supports over 1,700 technology businesses with financing and many more with day-to-day banking, across sectors such as SaaS, software, biotech, high tech infrastructure and advanced manufacturing.
It has dedicated leaders with expertise in specific areas from Climate and CleanTech, to Fintech, PayTech and EmergingTech, CreativeTech, plus potentially more to follow.
BNZ offers financial options like Contracted Receivables Financing and Revenue-Based Financing specifically tailored for hardware and SaaS businesses, respectively - critical offerings for young, high-growth tech firms. And Project Scale Up which is specifically designed to adapt BNZ’s approach to New Zealand’s highest potential or highest growth tech businesses.
BNZ also recently launched New Zealand's first Tech Business Hub, located in Waikato, to support earlier stage businesses in technology industries, which is intended to spread to more regions.
But according to Wixon, these changes in approach aren't merely procedural; they're foundational. They represent a philosophical shift in how a bank operates based on the knowledge that early-stage and scale-up tech entrepreneurs often face hurdles that traditional approaches to banking can't address.
“The idea is that we have specific tech small business bankers that are hungry and integrated into the early-stage parts of the market. You get a person, they know tech, they know the language, they empathise with the industry. They enjoy it, and so you get that enthusiasm and service at an early stage regardless of how big or small you are all the way through.”
“If we can help companies early, help them grow, we don't need an outsized return in the short term – in the longer term, if we help as many companies as early as possible, when it matters, give them a really good level of service, then our returns will follow over the lifetime of our client base. This starts with the tech business hub,” says Wixon.
Asked what sectors in New Zealand most excite him, Wixon sees potential across the entire ecosystem but particularly in aerospace, biotech (with more of an agriculture slant), fintech, and creative tech areas where New Zealand already has strong foundations, thanks to companies like Rocket Lab, Xero, and Weta Digital which have developed a lot of local talent.
Asked where he thinks New Zealand has barriers to growth, Wixon says while we have excellent innovation, engineering and design talent, we also have the lack of structured, systemic support for going abroad.
This leads many startups to repeat the same costly mistakes in offshore markets, in isolation, unaware others have solved these issues already.
"We're really good at making the same mistakes in different companies over and over," Wixon says, adding he sees BNZ's role as fostering connections and facilitating knowledge exchange to prevent repetitive errors.
"When we travelled recently to Denver, we were surprised that Kiwi tech entrepreneurs there hadn't already connected with each other. BNZ stepping in to introduce them highlights our opportunity to do more. It’s more than that, though, we could introduce businesses to connections BNZ has in the US market, from economic development agencies to advisors and individuals that could help them succeed faster."
Reflecting on the current state of the banking industry's relationship with tech, Wixon acknowledges progress but notes the journey has been slow. While certain approaches now seem obvious in retrospect, it’s taken 10 years of hard work and learning to reach.
He’s also candid about where banks, including BNZ, can do better and one key area he wants to improve is helping founders realise bankers can offer insights beyond strict financing.
“One of the trickiest things for us to do is to make ourselves approachable. I've worked so hard on fostering that. Coming in and asking questions of us really is underdone and a missed opportunity,” he explains
“Asking a banker what do you see as the opportunities and risks in my business? Is there anyone else I should be talking to? Have you seen any other companies doing something similar?”
“Founders and clients generally don't ask those and other questions. If you happen to have a really good banker, they may well dive in and proactively offer their observations and networks – the exception rather than the rule. I think there's such a wealth of commercial acumen and talent, as well as the capital, in banks and there is such an opportunity to better utilise it.”
Of course, BNZ's support isn't purely altruistic, but strategic. Supporting the tech ecosystem's growth is a long-term investment in New Zealand's economy.
But at its heart, according to Wixon, BNZ’s mission boils down to one thing.
"We want every tech business, regardless of size, to benefit from walking through our doors,”
It's a refreshingly candid, practical, and optimistic approach which Caffeine will be unpacking in greater detail in partnership with BNZ in the coming weeks.
This article is solely for information purposes. It’s not financial or other professional advice. For help, please contact BNZ or your professional adviser. No party, including BNZ, is liable for direct or indirect loss or damage resulting from the content of this article. Tim’s opinions in this article are not necessarily shared by BNZ.
Taxi co-founder Nicola Taylor reflects on struggles, successes and fintech's bright future
Between rapid expansion, a recent law change in their favour and taking top honours at the BPTW awards last year, Taxi co-founder Nicola Taylor has had a lot to smile about recently.
Auckland Startup Week is coming 20 October to Friday 24 October 2025: Extremely excited to see an event like this come to Caffeine’s home town! Auckland will host an inaugural Startup Week from 20 October to Friday, 24 October 2025. On behalf of Council, Tātaki Auckland Unlimited will present the event in partnership with leading investment firms, entrepreneurs, research institutes, universities and corporates.
The five-day programme will showcase innovation under the banner 'Kiwi startups building a global revolution' and connect international investors with New Zealand's most promising ventures. Events like this are essential to growing our community and fostering the kinds of connections which lead to the next generation of super star startups. Can’t wait to attend! Full programme launching in June 2025. Check out a teaser promo here.
Pod Pick: Wild Hearts with Magic Brief Founder George Howes: Another banger from the team over a Blackbird with a new entry in the Wild Hearts podcast series. We know there’s a problem, we’re drowning in slop. George Howes has a fix. As the former creative lead at Eucalyptus, George saw firsthand how performance marketing was broken—and decided to build something better. Enter MagicBrief: a tool designed to capture creative intelligence, not just analytics.
George breaks down:
📈 The 15 traits of high-performing creative teams
🧠 Why feedback loops—not freedom—unlock the best work
🤖 How AI can enhance creative strategy without replacing it
🎨 Why taste still matters in a world of AI-generated content
This episode is a must-listen for anyone at the intersection of marketing, product, and creativity. Subscribe and listen now.
67 further job cuts possible as Callaghan Innovation disestablishes: Well, I wish I could be bringing you more positive news on the Callaghan front but it seems the hits keep coming. Dozens more jobs might be cut at the crown-owned entity as it dissolves following the Government’s overhaul of the science sector. The current research institutes are being rolled up into new ‘Public Research Institutions’ or PROs which are expected to be online by October this year.
Parts of Callaghan will be transferred to various Ministries or a PRO but there are fears many skilled workers across technological fields will be cast aside here. Personally, it’s also hard for me to picture how this shake up, if not paired with an injection of fresh resources, won’t just lead to diminishing returns and a loss of essential skills which help irrigate this wider innovation ecosystem. Good wrap from RNZ available here.
Event: Manawatū Innovation Showcase May 1: While Auckland might be getting it’s own startup showcase later in the year, our community around the motu won’t have to wait that long. The annual Manawatu innovation showcase is on May 1 highlighting start-ups, technologies and cutting-edge innovations within the region. Hear from some of the best innovations and technologies that have been founded in the Manawatū. Network with an audience of leaders, founders and innovators from Manawatū and outside of the region. Check out all the details here.
📅 Thursday, 1st May 2025⏰ 5:30pm – 7:30pm
📍 Palmy Conference + Function Centre
A.I 2027: A terrifying but fascinating glimpse into our potential near future
If you want something slightly worrying but very valuable to read over the Easter break, I strongly recommend taking at least a skim through AI 2027, a recent report from A.I researchers and insiders with a strong track record of predicting the future.
The project is led by Daniel Kokotajlo, a former OpenAI researcher who quit the company in 2024 over safety concerns. The report reads a little like a techno-thriller, it’s a fictionalized vision of what happens in tech progress over the next two years backed up by vigorous research and data. There are spies, out of control AIs effortlessly outsmarting their human captors and a clear fork in the road predicted in our very near future.
We are running out of time to take the safer path.
That’s it for today, thanks for reading. We’ll be back after Easter and ANZAC break. Look after yourselves and each other these holidays . Want to get in touch with a news tip, bit of feedback or just to chat? Email hello@caffeinedaily.co