Last week Australian neobank Xinja announced it was abandoning retail banking after struggling to raise capital in a challenging COVID market. The startup will now attempt to pivot to non-banking areas like share trading, although even it concedes that is uncertain. The digital only bank’s failure, after seemingly having the

“Micro lender” Nimble says correlating system performance to customer journeys is allowing it to improve the customer experience as the company seeks to become a fully-fledged digital bank and shed its payday lending tag. The company tapped New Relic, a cloud-based service monitoring software provider, to help plug the holes

Home loan management service uno today announced neobank 86 400 has joined its panel of lenders, allowing the parties to offerer a simpler loan application process with minimal paperwork. Both uno and 86 400 are challengers in the digital mortgage space; using digital tools and infrastructure to minimise costs and

Banking newcomer Volt is leveraging a fraud protection solution from IBM which uses AI and machine learning to analyse behavioural and fraudulent patterns. During today’s Data and AI Forum hosted by IBM, the challenger bank announced it integrated IBM’s Safer Payments solution into its online banking platform 10 weeks ago.  

neobak 86 400

Australian digital-only bank 86 400 today announced $34 million of new equity, closing a Series A capital raise and bringing the total amount of capital it has raised to $90 million. The funds will go to new product and feature development and support mortgage book growth. The latest round of

Last year a handful of Australian neobanks launched within a few months of each other, taking advantage of regulatory changes from APRA that made acquiring a banking licence more accessible. So far the banks have passed significant milestones; 86 400 is offering home loans and an energy comparison service, and

The total number of digital banking users will exceed 3.6 billion by 2024, up from 2.4 billion in 2020; a 54 per cent increase, according to a new study from Juniper Research. This growth will be driven by the rise of digital-only banks and the ongoing focus on digital transformation

Partway through its Series D capital raise, Australian neobank Xinja is inviting customers to back the new bank if they meet the definition of sophisticated or wholesale investors. The company is currently conducting a $50 million Series D raise with the first tranche of $20 million already secured. Previously Xinja

Neobanks operating in the UK added more than 6 million new customers in the second half of 2019, ending the year with 19.6 million customers globally, according to Accenture’s Digital Banking Tracker. Accenture’s research tracks the performance of UK neobanks – those that offer financial products via digital channels –

Open banking may be delayed, but one of Australia’s new banks is keen to show Australians what their data can do for them.  Neobank 86 400, which launched in September after securing its banking licence earlier in 2019, has unveiled a comparison tool called Energy Switch, which the bank says