Digital-only banks operating in the UK are growing quickly but still struggle to show profitability, according to new research from Accenture. Based on current growth rates, digital-only banks could amass a total of 35 million customers globally within the next 12 months — up from 13 million today — according
From today, Australians can move their money into savings and transaction accounts offered by neobank 86 400. The challenger bank’s public launch will also introduce users to new tools to help them manage upcoming bills and subscriptions, and provide an overall view of their finances across multiple banks. The launch
Neobank Xijna has secured its full banking licence and is rolling out transaction accounts to its early customers. The Australian Prudential Regulation Authority (APRA) said today it has granted Xinja its licence to operate as an authorised deposit-taking institution (ADI), officially joining the ranks of Australia’s new banks. Sign up
COVER STORY: Australia’s Neobanks have Cleared Key Regulatory Hurdles, But Will Customers Embrace Them?
The Australian market for neobanks is less than a year old, but the new entrants have big ambitions to change the way consumers bank — putting the pressure on Australia’s biggest and most established banks. The newcomers have already cleared significant hurdles by appeasing Australia’s regulators to secure their banking
The title of Australia’s newest bank has changed hands once again, with neobank 86 400 receiving its ADI licence from APRA today. 86 400 is the third fintech upstart to earn itself an unrestricted banking licence this year, after Volt Bank collected its banking licence in January, followed by Judo
London-based neobank Revolut has launched in Australia today after the ASIC allowed the bank to use its European electronic money licence to support itself in Australia. The neobank is valued at US$1.7 billion and is one of the fastest growing companies in Europe boasting more than 4 million customers worldwide.
Digital bank Up has hit 100,000 customers since launching in October last year, the neobank attributes this growth to its quick sign up process and partnership with Apple Pay. Up said this means it is one of the fastest growing digital banks in the world. Anson Parker, head of product
Unifii’s Digital Experience Platform has been selected by SME challenger bank Judo Bank to enable face-to-face relationship banking that it says will shake up Australia’s banking status quo. The Unifii platform, delivered “as-a-service”, allows Judo Bank to replace multiple technology stacks with a single, APRA-approved cloud platform, the company said.
Judo Capital is now Judo Bank, after it was today awarded its full banking licence from APRA. The banking watchdog said it has granted Judo Bank a licence to operate as an authorised deposit-taking institution (ADI) without restrictions under the Banking Act 1959. Sign up for Which-50’s Irregular Insights newsletter
One year on since the Australian Military Bank overhauled its digital systems, mobile transactions have risen 250 per cent. Australian Military Bank (AMB) is a member-based financial institution serving Australian Defence personnel and their families since 1959. In order to best serve its members — who are predominantly young and