Making bonds accessible again for everyday New Zealanders.

Bonds are traditional safe harbour assets that have fallen out of favour. Direct bond ownership by households has all but evaporated.

The reasons are many. The main ones are fixable.

The Problem

Everyday investors are locked out of the world's second-largest asset class.

  • High minimums - commonly $1,000+ per bond, often much more
  • No self-service access - broker-dependent, complex processes
  • Lack of choice - bond funds give zero control over which bonds are held
  • Limited transparency - funds offer little insight into holdings, often have hidden fees

<0.5%

of NZ's ~$200B government bonds are held directly by households, per RBNZ.

Our Solution

The first retail platform for direct bond investing in NZ.

Fractional ownership - Invest in individual bonds directly starting from as little as $1

Direct selection - Choose bonds à la carte to suit your own timeline and circumstances

Values alignment - Select bonds that fund projects you want to support (e.g. green infrastructure)

Multi-currency - Diversify your currency holdings without sacrificing yield

Education first - Build financial literacy alongside your portfolio

Market Opportunity

$200T+ global bond market. $200B NZ government bonds outstanding. $655M increase in household savings Q2 2025.

Our target: ~900,000 Kiwis in income deciles 6-8, aged 25-65.

Primary ICP: "Safety-Seeking Accumulators"
Age 35-60, household income $75k-$150k. Maxing term deposits, conservative KiwiSaver. Risk-averse, ESG-interested, digitally competent.

Market validation (Stickybeak, 1,000+ respondents)

  • 73% willing to move savings from banks for better returns
  • 47% prioritise secure, predictable returns
  • 44% would accept lower returns for values-aligned investments

Business Model

Four revenue streams, aligned with customer outcomes.

Stream Mechanism
Management fees 0.25% annual on FUM (vs Kernel's 0.44-0.49%)
Inventory interest Full coupon on unsold bonds (targeting $10M float at 4% = $400k/yr)
Transaction spreads Small spread on buy/sell, scales with volume
FX conversion Fee on currency changes for foreign bonds

Inventory revenue provides a floor independent of user growth.

Future: KiwiSaver products, thematic bond funds, white-label solutions for fintechs and digital banks.

Financial Projections


36-month model


Annual summary


Profitability projected FY29 (Q3 2028). Capital-efficient hybrid model.

Meet the Team

Luka Love — Founder & CEO

Te Atiawa, Taranaki Iwi, Ngati Kahungunu. BE (Hons). Engineer turned finance obsessive. Ex autonomous electric rail-freight (LA). Systems thinker with deep commitment to financial inclusion. Callaghan Innovation Ārohia Trailblazer grant recipient.

James McGregor-Macdonald — Co-Founder & CTO

BE (Hons) Mechanical, BA (Philosophy). Product-focused full-stack engineer with fintech and medtech experience (Pocketful, Fisher & Paykel Healthcare). Pairs strong design instinct with rapid prototyping to ship reliable, customer-facing tools end-to-end.

Holly Smith — Co-Founder & CCO

Award-winning creative with extensive graphic design, UI/UX, and brand expertise. Multi-year NZ fintech experience bringing new operators to market. Translates complex financial concepts into accessible experiences.

Hayley Rawhiti — Legal & Education Advisor

Ngāti Whatua. LLB (Hons), BA, MPsychotherapy. Leadership across education and NGO sectors. Attended FMA meetings providing real-time regulatory translation. Advises on governance, education strategy, and social impact.

Rebekah Lynch — Compliance & Governance Advisor

Decade-long ISO compliance consultancy. Specialises in management systems, documentation, and internal controls. Ensures Bondao meets all regulatory obligations across international and local frameworks.

Janine Grainger — Strategic Advisor

BCA (Economics & Finance). Founder & ex-CEO of EasyCrypto (NZ's largest crypto exchange, exited 2025). Deep expertise building fintech from zero to scale. Willing to join Board.

Everybody should have the tools to help secure their financial future.


Join us as we champion "boring".

luka.love@bondao.co.nz | bondao.co.nz

Appendix A: Market Detail

Metric Value
NZ govt bonds outstanding ~$200B
NZX-listed bonds (corporate + govt) ~$56B
Global bonds outstanding (SIFMA) $200T+
NZ household savings (Q2 2025) $655M increase for the quarter
NZ total savings + term deposits (RBNZ, Jun 2024) $318B

Addressable Market

~900,000 NZers in income deciles 6-8 (aged 25-65) with existing investment accounts or KiwiSaver, savings beyond emergency funds, and interest in lower-risk, values-aligned investing.

Conservative (5% penetration): 45,000 users, $15k avg balance = $675M FUM = $1.69M annual revenue

Growth (10% penetration): 90,000 users, $25k avg balance = $2.25B FUM = $5.6M annual revenue

Appendix B: Unit Economics

Metric Value
LTV per customer ~$104
Blended CAC ~$23
LTV:CAC ratio ~4.4x
CAC payback period ~45 months
Monthly revenue per customer ~$0.52

Path to profitability

  1. Inventory-first model: targeting $10M in working inventory, at an average yield of 4% returns $400k/yr independent of users
  2. FUM-driven: 10,000 users at $15k avg portfolio size = $150M FUM = $375k/yr
  3. Hybrid reality: Having both streams mitigates the need to aggressively acquire customers at any cost, or prematurely seek additional external capital

Appendix C: Competitive Landscape

Competitor Structural Limitation
Sharesies Model is difficult to adapt to bonds; brand built around riskier assets
Kernel Wealth Aggregated funds only — no direct ownership; higher fees
NZX SmartShares One locally-oriented bond fund only
Big Four Banks Competing directly would cannibalise deposit base; mortgages offer better margins
Public.com (US) AI-driven multi-asset; may not appeal to conservative APAC investors

Bondao is the only pure-play retail bond platform in development in NZ.

Capital-intensive inventory model creates a structural barrier to entry.

Appendix D: Traction & Validation

Milestone Status
Callaghan Innovation Arohia Trailblazer grant $50k awarded
Pre-seed convertible notes $200k committed (Dec 2025)
FMA regulatory review Green light for Bondao v1.0
Specialist compliance counsel Katie Carson, HHL
Waitlist sign-ups 90+

Capital roadmap

Now: PledgeMe equity crowdfund seeking $100k-$250k (65% of min target at time of writing)
H2 2026: Institutional Seed Round targeting $1-2M equity + $10M convertible notes
FY 2029: Series A aimed at US expansion ($20-50M equity + up to $100M inventory capacity)

SLIDE-TO-CRITERIA TRACEABILITY ================================ Founder Catalyst requires 8-10 core slides + ~5 appendix covering: [P] The problem you're solving -> Slide 3 [E] Early adopter niche customers -> Slide 5 [S] Unique solution & market diff. -> Slide 4 [T] The founding team -> Slide 8 [M] Market size -> Slide 5 [R] How the company makes money -> Slide 6 [V] Long-term vision or aspiration -> Slide 9 Appendix slides: Market detail, Unit economics, Competitive landscape, Financial projections, Traction & validation All data sourced from the Bondao Information Memorandum (Jan 2026).