Xinja Bank: making Australian fintech startup history
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.
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.”
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