On the Up: Bendigo and Adelaide Bank targets digital growth with fintech acquisition
In a move designed to expand its digital banking capabilities, Bendigo and Adelaide Bank is set to acquire Melbourne-based fintech Feroicia in a deal worth up to $116 million.
Announced yesterday, the acquisition of Feroicia will also bring digital bank Up fully into the Bendigo and Adelaide Bank fold.
Launched in 2018 as a partnership between Ferocia and Bendigo, Up has proved to be a hit with Australians looking for an app-based, technology-led banking option, with the neobank amassing over 400,000 customers in under three years.
As part of the announcement Bendigo and Adelaide Bank stated its intention to help ‘grow and advance’ the Up platform, with Up set to continue to operate as a separate brand.
Up currently offers a digital bank account and savings account through its smartphone app and it has recently launched its own spin on joint accounts.
It has also indicated (through its publicly available roadmap ) that Up home loans are likely to be rolled out at some point in the future. A move into the lending space is perhaps a logical step for the bank, as Up has indicated that more than 30% of its active customers are currently saving up for a home deposit.
According to managing director of Bendigo and Adelaide Bank, Marnie Baker, the acquisition of Feroicia and Up will also help ‘strengthen’ Bendigo and Adelaide Bank’s own digital and online banking operations.
“Up’s customer engagement is unparalleled when compared to global peers, it’s welcomed more than 400,000 customers and $840 million in deposits in less than three years, it’s empowered a new generation of savers and it will secure our market leading position with this emerging, influential demographic.”
“As we further accelerate Up’s rapid pace of innovation and growth and further expand revenue opportunities through Up, customers of our other brands will benefit from Ferocia’s digital innovation and experience.”
In addition to building a user base in the hundreds of thousands of customers, Up has also received plenty of industry accolades in its short existence.
In 2020, Up took out the major title of Everyday & Savings Bank of the Year in the Mozo Experts Choice Awards, while it’s bank account, savings account and mobile app have also received the following individual awards:
- Up Everyday Account: 2019, 2020 and 2021 Mozo Experts Choice Award for Exceptional Everyday Account
- Up Saver Account: 2019, 2020 and 2021 Mozo Experts Choice Award for Best Regular Saver
- Up Banking App: 2020 and 2021 Mozo Experts Choice Award for Excellent Banking App
RELATED: What can we expect as non-major banks join the open banking party from July 1?
For even more news and the latest guides on all things digital banking, check out our dedicated neobank and fintech hubs, or if you’re looking to update your own bank account then check out some of the great options in the table below.
Compare bank accounts
-
Everyday Options Account
$0.00
Apple Pay, Google Wallet, PayID
0.01% p.a.
Enjoy 0% foreign currency conversion fees on Visa Debit card purchases. Plus make an eligible purchase using your linked Visa Debit card to earn cashback at participating merchants. $0 monthly account keeping fees & the option to open up to 9 sub-accounts. Suncorp Bank (Norfina Limited ABN 66 010 831 722 AFSL 229882 Australian Credit Licence 229882). The SUNCORP brand and Sun Logo are used by Suncorp Bank (Norfina Limited) under licence and Suncorp Bank is not part of the Suncorp Group.
CompareCompareEveryday Options Account
Enjoy 0% foreign currency conversion fees on Visa Debit card purchases. Plus make an eligible purchase using your linked Visa Debit card to earn cashback at participating merchants. $0 monthly account keeping fees & the option to open up to 9 sub-accounts. Suncorp Bank (Norfina Limited ABN 66 010 831 722 AFSL 229882 Australian Credit Licence 229882). The SUNCORP brand and Sun Logo are used by Suncorp Bank (Norfina Limited) under licence and Suncorp Bank is not part of the Suncorp Group.
- account fee
- $0.00
- Payment Options
- Apple Pay, Google Wallet, PayID
- interest rate
- 0.01% p.a.
- ATM networks
- Suncorp
- What kind of card?
- Visa Debit
- Interest rate
- Balances from $0: 0.00% p.a.
Balances from $1: 0.01% p.a.
- Fee free transactions
- Unlimited free transactions from own-bank ATM, atmx ATM, Big 4 banks ATM, EFTPOS, counter withdrawals, counter deposits, phone and internet
Read reviews and learn more about Suncorp bank accounts
-
Glide Account
$0.00
Apple Pay, Google Wallet, PayID, Samsung Pay, Garmin Pay
0% p.a.
Unlimited free internet transactions. Super fast transfers & use Apple Pay, Google Pay and Samsung Pay. No account keeping fees. Access Any Major Bank & MyState Bank ATM Fee-Free.
CompareCompareGlide Account
Unlimited free internet transactions. Super fast transfers & use Apple Pay, Google Pay and Samsung Pay. No account keeping fees. Access Any Major Bank & MyState Bank ATM Fee-Free.
- account fee
- $0.00
- Payment Options
- Apple Pay, Google Wallet, PayID, Samsung Pay, Garmin Pay
- interest rate
- 0% p.a.
- ATM networks
- MyState
- What kind of card?
- Visa Debit
- Interest rate
- Balances from $0: 0.00% p.a.
- Fee free transactions
- Unlimited free internet transactions.
Read reviews and learn more about MyState Bank bank accounts
-
Everyday Account
$0.00
Apple Pay, Google Wallet, PayID, Samsung Pay
0% p.a.
Enjoy an all in one transaction account with no monthly service fee designed to help you easily manage your money. Link to your Bendigo Bank home loan to offset your monthly interest. Unlimited internet and app banking transfers, and Bendigo Bank ATM withdrawals. Unlimited EFTPOS withdrawals and retail purchases within Australia
CompareCompareEveryday Account
Enjoy an all in one transaction account with no monthly service fee designed to help you easily manage your money. Link to your Bendigo Bank home loan to offset your monthly interest. Unlimited internet and app banking transfers, and Bendigo Bank ATM withdrawals. Unlimited EFTPOS withdrawals and retail purchases within Australia
- account fee
- $0.00
- Payment Options
- Apple Pay, Google Wallet, PayID, Samsung Pay
- interest rate
- 0% p.a.
- ATM networks
- Bendigo Bank
- What kind of card?
- Debit Mastercard
- Interest rate
- Balances from $0: 0.00% p.a.
- Fee free transactions
- Unlimited free transactions from own-bank ATM, EFTPOS, counter deposits, phone and internet
Read reviews and learn more about Bendigo Bank bank accounts
-
Mozo experts choice awards won:
- Exceptional Everyday Account - 2024
Orange Everyday
$0.00
Apple Pay, Google Wallet, PayID, PayTo
0% p.a.
The everyday bank account that could pay you for paying bills. Get 1% cashback on eligible utility bills (up to $100), $0 ING international transaction fees, and up to 5 rebated ATM withdrawals a month here or overseas (T&Cs apply) and no monthly fees to pay. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^
CompareCompareOrange Everyday
The everyday bank account that could pay you for paying bills. Get 1% cashback on eligible utility bills (up to $100), $0 ING international transaction fees, and up to 5 rebated ATM withdrawals a month here or overseas (T&Cs apply) and no monthly fees to pay. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^
- account fee
- $0.00
- Payment Options
- Apple Pay, Google Wallet, PayID, PayTo
- interest rate
- 0% p.a.
- ATM networks
- None
- What kind of card?
- Visa Debit
- Interest rate
- Balances from $0: 0.00% p.a.
- Fee free transactions
- Access 1% cashback on eligible utility bill payments (up to $100 per financial year), rebates on ATM fees for the first 5 fee incurring withdrawals (domestic). When you deposit at least $1,000 from an external bank account and make at least 5 card purchases using your ING debit card each month.
Read reviews and learn more about ING bank accounts
-
Everyday Global Account
$0.00
Apple Pay, Google Wallet
0% p.a.
Enjoy $0 monthly account fees and international fees, with no minimum deposit or balance requirements. Buy, hold and spend in 10 currencies (AUD included) and earn 2% cashback for purchases under $100 (T&C’s apply). Mozo's Experts Choice 2024 winner for Exceptional Everyday Account.^
CompareCompareEveryday Global Account
Enjoy $0 monthly account fees and international fees, with no minimum deposit or balance requirements. Buy, hold and spend in 10 currencies (AUD included) and earn 2% cashback for purchases under $100 (T&C’s apply). Mozo's Experts Choice 2024 winner for Exceptional Everyday Account.^
- account fee
- $0.00
- Payment Options
- Apple Pay, Google Wallet
- interest rate
- 0% p.a.
- ATM networks
- HSBC
- What kind of card?
- Visa Debit
- Interest rate
- Balances from $0: 0.00% p.a.
- Fee free transactions
- Unlimited free transactions from HSBC ATMs, EFTPOS, phone, internet, BPAY and direct debits
Read reviews and learn more about HSBC bank accounts
Your selected neobanks
Your selected neobanks
Your selected neobanks
Your selected neobanks
Your selected neobanks
^See information about the Mozo Experts Choice Bank Account Awards
Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.
While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.