Australia has a new bank, with fintech Alex granted a restricted authorised deposit-taking institution (Restricted ADI) licence from the Australian Prudential Regulation Authority (APRA). The digital bank has already been busy lending, writing more than $8 million in personal loans since it was founded in 2018. The neobank has already raised more than $35 million… Read more »
Xinja is no longer a neobank. Despite last minute efforts by a group of the company’s shareholders pushing for the fintech to keep its banking licence, after it was the startup’s most valuable asset, the financial regulator, the Australian Prudential Regulation Authority (APRA) revoked Xinja’s licence as an authorised deposit-taking institution (ADI) on Friday. The… Read more »
SME challenger bank Judo Bank is an even bigger unicorn after scooping up $284 million in a round 4 capital raise. The raise values the bank, founded in 2016, at $1.6 billion, an increase of 60% on its valuation following a previous raise seven months ago. Judo co-founder and co-CEO, David Hornery, said more than… Read more »
Big four bank NAB is taking control of neobank 86 400, just 18 months after the fintech launched. The proposed deal ends the “challenger bank” dream of British banking pioneer Anthony Thomson, co-founder of the UK’s Metro Bank and publicly-listed digital bank Atom, and CEO Robert Bell, a former ANZ Japan boss. It was only… Read more »
Xinja’s neobank adventure is over after just three years, with the fintech startup announcing it will hand back its banking license. The company hopes to continue with its US share trading platform, Dabble “should circumstances allow”, but that project has already been delayed indefinitely. The bank says customers won’t be able to put money in… Read more »
Less than a year after “Australia’s best savings account”, the high interest rate on Xinja’s Stash savings account appears to be a millstone around the neobank’s neck, with the fintech slashing the interest-bearing cap by two-thirds to just $50,000 on any deposits. With the launch of Xinja US share trading platform Dabble now delayed indefinitely,… Read more »
Financial platform Douugh makes its ASX debut in a reverse takeover of suspended telco Ziptel. The former Ziptel will be resinstated for trading as Douugh (ASX:DOU) when the market opens for trading at 10am today. Financial reports lodged with the ASX ahead of the relisting reveal that Douugh lost $1.29 million in FY2020, down from… Read more »
86 400 Chairman Anthony Thomson and CEO Robert Bell Digital bank 86 400’s fourth product since launching last last September is somewhat unexpected for a financial institution – an electricity analysis and switching service. Announcing Energy Switch today CEO Robert Bell said “Energy Switch service delivers on our purpose to help Australians take control of… Read more »
App-based startup 86 400 is looking for $250 million as it prepares to become Australia’s newest bank
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 »
Neobank Xinja Bank has broken its own equity crowdfunding record, raising just under $2.59 million from over 1,500 investors in its second campaign.
Digital bank Xinja has today received a restricted banking licence from the Australian Prudential Regulation Authority (APRA).
Douugh has landed a partnership with Mastercard that will allow it to roll out a ‘smart’ bank account linked to a Mastercard debit card in the US.
With a day to go until its offer closes, digital-only bank Xinja has raised $2 million through equity crowdfunding platform Equitise.
Fintech Pelikin is creating a digital-only bank to help consumers spend and manage their money on the go
The idea for it digital-only startup bank Pelikin came from founder Sam Brown’s experiences with personal banking in while Australia and overseas.