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Australian digital lender Alex Bank has been licensed to operate as an Authorized Deposit-Taking Institution (ADI) in the country, just 18 months after obtaining a restricted ADI license from the Australian Prudential Regulation Authority (APRA). did.
Simon Bates, CEO of Alex Bank, said:
The new approval, confirmed Wednesday, means the digital bank will be able to operate without restrictions and expand its product offering. Neobanks currently offer personal loans and savings accounts, but plan to include term deposits.
Alex Bank was founded in July 2018 by Simon Beitz and Craig Fenwick. The digital bank, which has two offices in Sydney and Brisbane, went live with its cloud-based software last August. We currently support over 2,500 customer accounts.
This is just the beginning for Alex Bank. Over the past three financial years, we have grown earnings at a compound annual growth rate of 717% and have been recognized as one of the fastest growing companies in Australia. Thank you,” added Beitz.
Check out our recent London Summit session, “Challenger Banks, Challenges (and Opportunities) Ahead”.
Alex Bank obtained its ADI license at a time when other neobanks in the country were struggling. Earlier this year, Volt, one of his four APRA-licensed Australian digital banks, suspended its services and waived its license. Returned approximately A$113 million ($78 million) in customer deposits and sold mortgage books.
Another of the original four Australian digital banks, Xinja, was previously closed while being acquired by National Australia Bank. 86400Judo, which went public in November 2021 and is the only one in operation, is suffering from a near-record share price.
Australian digital lender Alex Bank has been licensed to operate as an Authorized Deposit-Taking Institution (ADI) in the country, just 18 months after obtaining a restricted ADI license from the Australian Prudential Regulation Authority (APRA). did.
Simon Bates, CEO of Alex Bank, said:
The new approval, confirmed Wednesday, means the digital bank will be able to operate without restrictions and expand its product offerings. Neobanks currently offer personal loans and savings accounts, but plan to include term deposits.
Alex Bank was founded in July 2018 by Simon Beitz and Craig Fenwick. The digital bank, which has two offices in Sydney and Brisbane, went live with its cloud-based software last August. We currently support over 2,500 customer accounts.
This is just the beginning for Alex Bank. Over the past three financial years, we have grown earnings at a compound annual growth rate of 717% and have been recognized as one of the fastest growing companies in Australia. Thank you,” added Beitz.
Check out our recent London Summit session, “Challenger Banks, Challenges (and Opportunities) Ahead”.
Alex Bank obtained its ADI license at a time when other neobanks in the country were struggling. Earlier this year, Volt, one of his four APRA-licensed Australian digital banks, suspended its services and waived its license. Returned approximately A$113 million ($78 million) in customer deposits and sold mortgage books.
Another of the original four Australian digital banks, Xinja, was previously closed while it was acquired by National Australia Bank. 86400Judo, which went public in November 2021 and is the only one in operation, is suffering from a near-record share price.
