Xinja Bank: making Australian fintech startup history

By Allen Jack
In a press release, fintech startup Xinja Bank announced that it has received A$433mn in investment from Dubai organisation World Investments (WI...

In a press release, fintech startup Xinja Bank announced that it has received A$433mn in investment from Dubai organisation World Investments (WI). 

The sum, which will be paid to Xinja in one $160mn lump sum and the remaining amount in installments over the next two years, represents a landmark achievement in the history of Australian fintech startups. 

Eric Wilson, founder and CEO, proclaimed the news as a groundbreaking success.  

“We think this is the largest single investment in an Australian neobank or startup, and combined with exceptional customer acquisition and deposit growth, positions Xinja Bank as a frontrunner in the Australian neobank market,” he said.  

A lightning-fast success story 

Started less than three years ago in May 2017, Xinja has gone from strength to strength and now hosts over 45,000 accounts and holds more than $450mn in deposits.  

Designed to revolutionise a customer’s experience with banking by making it quick, easy and even fun, Xinja helps the user track their spending and saving whilst also suggesting ways to maximise their income.  

A 100% digital platform in the mould of Monzo or Starling Bank, Xinja is covered by the Government of Australia’s Financial Claims Scheme like any other bank, with deposits up to $250,000 full protected. 

SEE ALSO:  

  •  

How to make AI work in your business  

  •  

Virgin Australia suspends all flights due to COVID-19  

  •  

Queensland Government budgets for Covid-19 disruptions  

The company commented that it was grateful to WI for recognising the exciting potential that Xinja offers its clients and the modernisation aspirations of Australia. 

“We believe Xinja Bank is at the cutting edge of next-generation banking in Australia. Its technology, commitment to customers and ethical banking philosophy made it an obvious investment choice for us,” said WI CEO H.E. Zayed bin Rashid Al Qubaisi. 

Based in Dubai, WI is noted for its investing experience within the banking industry, which, according to the press release, include activities in the Middle East and Europe.  

Providing help during a difficult time 

Despite having a reason to celebrate, Wilson assumed a more equanimous tone, considering the ongoing disruption in Australia owing to COVID-19 (coronavirus) a reason to temper the company’s reaction. 

Knowing that many of the country’s citizens will be concerned, not just about their health but about their financial security, Wilson stated that Xinja would be there to help those who needed assistance.  

“I believe Xinja’s mission to help Australians make more of their money is going to be even more important in the coming year. We are only a small part of the economy, but we are committed to continuing to deliver the best in banking outcomes for our customers.” 

For more information on business topics in ANZ, please take a look at the latest edition of Business Chief ANZ. 

Follow Business Chief on LinkedIn and Twitter

Share

Featured Articles

Nirvik Singh, COO Grey Group on adding colour to campaigns

Nirvik Singh, Global COO and President International of Grey Group, cultivating culture and utilising AI to enhance rather than replace human creativity

How Longi became the world’s leading solar tech manufacturer

On a mission to accelerate the adoption of sustainable energy solutions, US$30 billion Chinese tech firm Longi is not just selling solar – but using it

How Samsung’s US$5billion sustainability plan is working out

Armed with an ambitious billion-dollar strategy, Samsung is on track to achieve net zero carbon emissions company-wide by 2050 – but challenges persist

UOB: making strides in sustainability across Southeast Asia

Sustainability

Huawei smartwatch goes for gold with Ultimate Edition

Lifestyle

How IKEA India plans to double business, triple headcount

Corporate Finance