Xinja Bank bags $2m in crowdfunding
Xinja Bank, the Australian mobile neobank, has closed its second equity crowdfunding campaign with almost AU$2.6 million ($1.84 million) raised.
The amount raised from the sale of shares on the Equitise crowdfunding platform is the largest achieved from any crowdfunding campaign in Australia.
This follows the bank’s previous record of AU$2.44 million ($1.72 million) set by Xinja in its first campaign early last year. This second round launched in mid-January of this year.
Xinja now has over 2,500 investors combined between both rounds. The bank says the majority are aged from 24-44 (a pretty wide age range, so not very surprising there).
The equity crowdfund campaign saw that 15% its investors were repeat investors. The shares were offered at AU$2.04 ($1.44) this time around, and AU$1.20 ($0.85) in first campaign.
The bank already has an app and prepaid travel card in market, and a restricted banking licence. It has said it is currently applying for a full banking licence.
It uses SAP Cloud for Banking, which went live on November 2019.
It has Brett King as a board advisor and Tesla engineer Thomas Vikstrom, on the board. Jason Bates, co-founder of neobanks in the UK, Monzo and Starling, is also a Xinja board advisor.
Xinja has issued over 10,000 cards, and overall more than 25,000 people have signed up for its products.