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Westpac Launches $100 M Women-Led Startup Initiative, Claims $10 B GDP Boost If Barriers Removed
Westpac New Zealand has teamed up with the business‑coaching platform re:ampd to offer free mentoring and networking to 500 of its women‑owned business customers over a 12‑month period. The partnership is part of the bank’s $100 million commitment to start‑up lending and follows a new economic report that argues removing structural barriers for women entrepreneurs could add up to $10 billion a year to New Zealand’s gross domestic product.
The report, titled Encouraging More Women‑Led Businesses, was released by Westpac’s head of business and virtual lending, Cat Feaunati. It notes that women‑led firms represent just under a third of all New Zealand businesses, yet they face limited access to finance and weaker investor networks. Feaunati said, “Our economists believe addressing the current structural barriers could deliver up to $10 b in annual GDP gains for New Zealand over time.” The study also found that women‑led businesses perform at least as well as those led by men, often showing stronger returns per dollar invested and greater long‑term resilience.
A key finding of the study is the stark disparity in venture‑capital allocation. Female‑owned firms received less than 3 percent of the total venture‑capital pool available in New Zealand in 2024. The report cites a University of Auckland study that recorded only $4.6 million of the $160 million invested by 20 venture‑capital funds in 2024 going to female‑only start‑ups.
Westpac’s partnership with re:ampd is designed to address some of the networking gaps highlighted in the report. Re:ampd offers business coaching and community support for female founders, and the collaboration will allow Westpac customers to connect with mentors and peers without cost. Feaunati added, “We’ve already invited a small number of our customers to apply to join re:ampd and the feedback has been really positive. Customers are excited about the opportunity to connect with and learn from other women in business.”
The bank’s $100 million start‑up lending commitment is already 60 percent of the first $58 million allocated to women. The re:ampd partnership is intended to complement the financial support with coaching and networking, creating a more holistic ecosystem for women entrepreneurs.
Industry observers note that the initiative aligns with broader efforts to increase gender diversity in New Zealand’s business sector. The country’s government has highlighted the economic benefits of greater female participation, and the banking sector has been under pressure to improve access to capital for under‑represented groups.
While the partnership is a positive step, the report underscores that structural changes are needed beyond coaching and lending. The limited venture‑capital exposure for women‑owned firms suggests that broader investor engagement and policy reforms may be required to unlock the full $10 billion potential.
Westpac’s announcement comes as the bank prepares for its next earnings release, scheduled for late July. Investors will be watching to see how the new program affects loan performance and customer acquisition. The partnership also positions Westpac ahead of other New Zealand banks that have announced similar initiatives aimed at supporting women entrepreneurs.
In the coming months, the bank will monitor the progress of the 500 participants in the re:ampd program and report on outcomes such as business growth, funding raised, and job creation. The initiative’s success could influence future policy discussions on gender‑focused financial support and may set a benchmark for other financial institutions.
The partnership is a concrete example of how a major bank can combine financial products with support services to address gender gaps in entrepreneurship. Whether the $10 billion GDP estimate can be realized will depend on sustained investment, policy support, and the ability of women entrepreneurs to scale their businesses.
As New Zealand’s economy continues to evolve, Westpac’s focus on women‑led businesses may become a key factor in shaping the country’s future growth trajectory.
The report, titled Encouraging More Women‑Led Businesses, was released by Westpac’s head of business and virtual lending, Cat Feaunati. It notes that women‑led firms represent just under a third of all New Zealand businesses, yet they face limited access to finance and weaker investor networks. Feaunati said, “Our economists believe addressing the current structural barriers could deliver up to $10 b in annual GDP gains for New Zealand over time.” The study also found that women‑led businesses perform at least as well as those led by men, often showing stronger returns per dollar invested and greater long‑term resilience.
A key finding of the study is the stark disparity in venture‑capital allocation. Female‑owned firms received less than 3 percent of the total venture‑capital pool available in New Zealand in 2024. The report cites a University of Auckland study that recorded only $4.6 million of the $160 million invested by 20 venture‑capital funds in 2024 going to female‑only start‑ups.
Westpac’s partnership with re:ampd is designed to address some of the networking gaps highlighted in the report. Re:ampd offers business coaching and community support for female founders, and the collaboration will allow Westpac customers to connect with mentors and peers without cost. Feaunati added, “We’ve already invited a small number of our customers to apply to join re:ampd and the feedback has been really positive. Customers are excited about the opportunity to connect with and learn from other women in business.”
The bank’s $100 million start‑up lending commitment is already 60 percent of the first $58 million allocated to women. The re:ampd partnership is intended to complement the financial support with coaching and networking, creating a more holistic ecosystem for women entrepreneurs.
Industry observers note that the initiative aligns with broader efforts to increase gender diversity in New Zealand’s business sector. The country’s government has highlighted the economic benefits of greater female participation, and the banking sector has been under pressure to improve access to capital for under‑represented groups.
While the partnership is a positive step, the report underscores that structural changes are needed beyond coaching and lending. The limited venture‑capital exposure for women‑owned firms suggests that broader investor engagement and policy reforms may be required to unlock the full $10 billion potential.
Westpac’s announcement comes as the bank prepares for its next earnings release, scheduled for late July. Investors will be watching to see how the new program affects loan performance and customer acquisition. The partnership also positions Westpac ahead of other New Zealand banks that have announced similar initiatives aimed at supporting women entrepreneurs.
In the coming months, the bank will monitor the progress of the 500 participants in the re:ampd program and report on outcomes such as business growth, funding raised, and job creation. The initiative’s success could influence future policy discussions on gender‑focused financial support and may set a benchmark for other financial institutions.
The partnership is a concrete example of how a major bank can combine financial products with support services to address gender gaps in entrepreneurship. Whether the $10 billion GDP estimate can be realized will depend on sustained investment, policy support, and the ability of women entrepreneurs to scale their businesses.
As New Zealand’s economy continues to evolve, Westpac’s focus on women‑led businesses may become a key factor in shaping the country’s future growth trajectory.
