Dosh was the first local mobile wallet in New Zealand when it was founded in 2020 by James McEniery and Shane Marsh. Its original goal was to create a mobile payments application for speedy and frictionless peer-to-peer (P2P) transactions.

Since then, the business has launched a number of financial services on its platform, including savings accounts, personal loans, and its own Dosh Visa debit card.

Dosh will be allowed to retain money on behalf of its clients directly once it receives official bank status. Funds in a Dosh account are now "held on trust with an AA-rated NZ registered bank," according the company website.

Marsh provides the company's justification for applying for a banking licence in a post on LinkedIn, saying, "We feel that New Zealand customers should have access to competitive financial services that are tailored to their requirements. If approved, Dosh New Zealand would become the country's first locally owned bank that exclusively offers digital services.

Marsh continues, "We can achieve new efficiencies for banking consumers with our digital-only service, which puts downward pressure on the price of financial products and enables a more convenient user experience."

In the future, the co-founders alluded to house loans as the company's upcoming product offering in an interview with BusinessDesk.