Fintech fans can now invest in Australia’s first neobank
Ever wanted to own your own slice of a lucrative Aussie banking business? Well here is your chance. In a bid to become Australia’s first ever neobank, Xinja have launched a round of retail crowdfunding which will allow the everyday Aussie to become a groundfloor investor for as little as $1000.
According to Xinja Chief Executive Eric Wilson, this round of crowdfunding is expected to generate a cool half a million dollars but is as much about inviting the average Aussie to shape the future of banking, as it is to generate revenue.
“Xinja is all about creating a new kind of banking experience - and crowdfunding is part of that. If people want a new kind of bank, this is their opportunity to build their own,” said Wilson.
To make this a reality Xinja partnered with the similarly-minded crowdfunding platform, Equitise.
RELATED: Digital banking and neobanks
“We’re thrilled that this truly disruptive neobank will be the first one that retail investors can invest in on our platform. It’s a great fit, with Equitise and Xinja coming together to form the future of digital banking by harnessing the power and amazing potential of equity crowdfunding,” said Equitise Co-founder, Chris Gilbert.
For Aussies who are keen on fintech solutions in the personal banking space, Xinja could be a potentially attractive option.
|What is a neobank?|
|A neobank is a new type of app-only bank without any branches that is trying to reinvent the practices associated with traditional banking.|
Aiming to be Australia’s first completely digital bank, Xinja will place user experience at the heart of its operations and without the overhead fees associated with traditional banks, will offer competitive rates and low fees.
While this solely-online business may be a new player in the Aussie banking landscape, similar business models have experienced serious success abroad, particularly in the UK.
“A significant inspiration for us was the success Monzo achieved in the UK crowdfunding market. This certainly gives us confidence that Australian customers will be very interested in Xinja's offering," said Wilson.
Things are predicted to move pretty quickly for Xinja in the coming months. The aspiring neobank plans to launch its first prepaid card late this year before moving into the home loan and deposit account markets in mid-2018.
Aussies who are considering investing can find out more information and register their interest here.
If you’re not interested in investing but wouldn’t mind being a foundation customer, you can still sign up for Xinja’s official launch here. In the meantime, head to Mozo’s neobank comparison tables to compare a range of products, their fees and features.