The UK and Europe and other jurisdictions are not alone in pursuing the digital banking revoluation. In Australia, Xinja is following in the footsteps of platforms like Revolut and Monza by raising growth capital on a crowdfunding platform.
Several weeks into their public campaign on Equitise, Xinja has now raised over A$1.6 million on a maximum goal of A$ 4,859,800.
The minimum target of A$ 500,000 was hit in under 9 hours a million to just three days to raise. So far, over 900 investors have participated in the cross border offering which is available in New Zealand as well.
Recently, Xinja received a provisional banking license in Australia – a positive step as it pursues a full license.
Xinja expects to operate in a modern, digital manner which appeals to a younger generation as it is mobile first and unencumbered by legacy tech and costly brick and mortar operations.
But while Xinja may be new and shiny it will earn its money the traditional way “by lending money to borrowers at a higher price (interest rate) than [they] pay to borrow it from depositors and other sources.”
Currently, Xinja claims over 8,000 customers using their prepaid travel and spend card as of December 2018. The bank has also issued a small number of loans to customers trialing the beta version of the Xinja home loan.
The crowdfunding round is apparently part of a larger institutional funding round. Investors of the crowdfunding will be receiving shares at the same price as the big money.
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