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

Australian neobank Xinja will withdraw its transaction and savings products and return its banking licence, blaming the exit on COVID-19, difficulties raising capital and the outlook of the local market. Customers are being urged by the bank to withdraw or transfer their funds out of Xinja accounts “as soon as

Australian neobank Xinja will use Box to deliver bank statements and account data as a means of enhancing customer interactions via its mobile application. Xinja’s financial lending team will also use Box as a way of managing documents with customers. According to Greg Steel, chief information officer at Xinja, “We’re

Emirates’ World Investments will invest A$433 million in neobank Xinja over the next 24 months, the companies announced today.  The massive capital injection is subject to relevant approvals and an initial A$160 million will be invested immediately. The remaining A$273 million available to be drawn down in multiple tranches as

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

Neobank Volt has begun onboarding the first customers on its waitlist, 11 months after receiving its licence to operate as a bank.  Now in beta, the challenger bank is offering 2.15 per cent interest on savings accounts, with a wider public launch planned for 2020.  Listen: Our open banking webinar

Consumer trust is a complex conversation as it works on many levels depending on where – and on how – a brand operates in the business spectrum. But there is no disguising the importance of organising your development or transformation around customers needs. For three brands – Xinja, Lion and

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. Webinar: Can

Volt Bank has today become the first of Australia’s neobanks to be granted its authorised deposit-taking institution (ADI) licence from APRA. It’s the first retail challenger bank to receive an ADI licence since the early 2000s and comes eight months after Volt was granted its restricted banking licence, a pathway