Xinja

Xinja

Xinja

Australian fintech company and former bank

Xinja is an Australian fintech company and former bank. Xinja was granted a full banking license by the Australian Prudential Regulation Authority in 2019.[1] Xinja Bank was the second Australian neobank to be made an authorised deposit-taking institution.[2] The company exited banking in December 2020 and returned to business in fintech.

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History

Xinja was founded in 2017 by CEO Eric Wilson. The business began in fintech, offering products like prepaid cards and a money management app. In 2018, Xinja raised money via crowdfunding to develop its neobanking facilities.[3] On 9 September 2019, Xinja was granted a banking licence by the Australian Prudential Regulation Authority. On 15 January 2020, Xinja Bank launched transaction and savings accounts using the BSB 775-775. In March 2020, the Dubai-based World Investments agreed to make a A$433,000,000 investment in Xinja Bank. Complications caused by the COVID-19 pandemic ultimately obstructed the Emirati investment and undermined Xinja Bank.[4] In December 2020, Xinja announced that it would return its banking licence and return all deposits, ceasing to operate as a bank in Australia, though continuing its fintech business.[5]

See also

References

  1. [1]
    "APRA grants new authorised deposit-taking institution licence to Xinja Bank". APRA. Retrieved 9 September 2019.
  2. [2]
    Tesfaye, Mekebeb. "Xinja is now the second neobank to receive a Restricted ADI license". Business Insider. Retrieved 31 December 2018.
  3. [3]
    Main, Liz. "Xinja: Meet Australia's first crowdfunded bank". Australian Financial Review. Retrieved 31 December 2018.
  4. [4]
    Eyers, James. "The Sheikhs behind the Dubai Xinja Bank plunge". The Australian Financial Review. Retrieved 16 April 2020.
  5. [5]
    "Neobank Xinja to hand back banking licence, will no longer offer bank accounts". Savings.com.au. Retrieved 23 November 2023.
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