When it rains, it pours, as Xinja is the latest Australian digital bank to receive a restricted banking licence.
Following’s volt bank’s acquisition of a licence, Xinja has received the same from the Australian Prudential Regulation Authority (APRA).
Go deeper with GlobalData
A digital bank designed for mobile, it believes it is already causing disruption in the market. The neobank has already launched its app, a prepaid card, and also home loans. In addition, more than 23,000 people have signed up. Furthermore, Xinja is in the middle of its third capital rising and the target is $20m.
The addition of the licence means the Australian digital bank can finally hold deposits. However, it is only up to $250,000 each and up to a limit of $2m.
“We are super excited and this announcement confirms our belief that Xinja represents the new way of banking in Australia. It brings us one step closer to fulfilling our purpose, which is to help people make more out of their money,” said Xinja co-founder and Chief Executive Eric Wilson.
“Xinja is all about making banking easy, frictionless and even fun so that people can make better, faster money decisions without the angst.”
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData“We are very proud that Xinja’s owners include not only local and overseas professional investors but our staff and thousands of cardholders who have invested, as part of our equity crowdfunding, and want to join with us to revolutionise banking,” he continued.
Australian digital bank Xinja
Xinja has an app and prepaid card that also serves as a no-fee travel card in more than 70 countries.
The card allows anyone travelling overseas or shopping online in a foreign currency to see how much has been spent. In addition, the option can be in both the foreign currency and Australian dollars.
The Xinja app lets people track their daily spend, split costs or bills and top up accounts instantly. Furthermore, the card can be frozen, users can check their balance from outside the app, and access customer service.
Xinja charges no card fees or ATM fees either at home or abroad (although local ATM providers may charge a fee) and refunds 100% of currency conversion fees.
“Xinja will bring greater competition to the market, which has been stagnant for too long when it comes to looking after the interests of ordinary Australians. We have built Xinja from the ground up, which means we have listened to people who want to bank with us, and used their feedback to help us build a better bank,” Xinja chair Lindley Edwards said.
