News & Analysis

New digital banks 86 400 and Xinja are the first to launch app-based retail accounts

- September 10, 2019 3 MIN READ

Neobank Xinja has been granted a full banking license by Australian Prudential Regulation Authority (APRA), and will launch transaction accounts as the battle to carve out a digital slice of the $13 billion banking system’s revenue stream heats up.  APRA has now granted four authorised deposit-taking institution (ADI) licences to challenger banks, having recently approved… Read more »

News & Analysis

App-based startup 86 400 is looking for $250 million as it prepares to become Australia’s newest bank

- May 9, 2019 2 MIN READ

86 400 is a new digital-only bank led by British entrepreneur Anthony Thomson It’s backed by Sydney-based payments services company Cuscal The bank is waiting for APRA approval to launch with a savings account this year It’s seeking $250m over the next three years to strengthen its balance sheet Digital banking startup 86 400 (named… Read more »