Xinja

Xinja is an Australian neobank. Founded in 2017 by CEO Eric Wilson, Xinja was granted a full banking license by the Australian Prudential Regulation Authority in 2019.[1] Xinja was the second Australian neobank to be made an authorised deposit-taking institution.[2]  

Xinja Bank Limited
Traded asXinja
Industry
Headquarters77 King Street, Sydney
Key people
  • Eric Wilson (CEO)
Websitewww.xinja.com.au

History

Xinja entered the market in 2017 as a fintech company, offering simple products like prepaid cards and a mobile app. In 2018, the company raised several million dollars via crowdfunding to develop its neobanking facilities.[3]

On 9 September 2019, Xinja was granted a banking licence by the Australian Prudential Regulation Authority. On 15 January 2020, the company launched transaction and savings accounts, the latter known as 'Stash' accounts.[4]

By March 2020, Xinja had banked around AUD$400,000,000 in deposits across its savings accounts.[5] In March 2020, the company secured a AUD$433,000,000 investment from the Dubai-based World Investments Group.[6]

References
  1. "APRA grants new authorised deposit-taking institution licence to Xinja Bank". APRA. Retrieved 9 September 2019.
  2. Tesfaye, Mekebeb. "Xinja is now the second neobank to receive a Restricted ADI license". Business Insider. Retrieved 31 December 2018.
  3. Main, Liz. "Xinja: Meet Australia's first crowdfunded bank". Australian Financial Review. Retrieved 31 December 2018.
  4. Elmas, Matthew. "The Big Four are rattled". Smart Company. Retrieved 3 May 2020.
  5. "The Xinja Story: technology to bring back humanity to banking". Xinja. Retrieved 16 April 2020.
  6. Waters, Cara. "Neobank Xinja gets a $433 million funding but denies it's a lifeline". The Sydney Morning Herald. Retrieved 16 April 2020.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.