Feijoa Users Add Over $4.5 Million to KiwiSaver Accounts Through Round-Up Savings

New Zealand fintech Feijoa has announced that its users have added over NZD $4.5 million to their KiwiSaver accounts through round-up savings in just one year.

The company, launched in September 2022, allows users to round up everyday card spending to the nearest dollar and direct the difference into nominated KiwiSaver accounts.

Feijoa's model is designed to turn small transactions into regular retirement saving, making it easier for people to save without having to make deliberate transfers or fixed monthly contributions.

The company has also raised NZD $925,000 from New Zealand investors in its first year of operation, which will support product development and partnership efforts.

Feijoa's Co-founder Mark White-Robinson said that the company's approach is to use technology to work with existing behaviour instead of against it. 'Our results show that when saving happens in the background of everyday life, more people save, and they keep saving,' he said.