Last week, digital bank Xinja closed its second crowdfunding round on Equitise having raised $2,589,781 from 1,568 investors. The round had set a top limit of
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.#xinjabank #xinjacrowdfund pic.twitter.com/wAlD2X7men— xinjamoney (@xinjamoney) February 22, 2019
Xinja previously raised just a bit less ($2.4M) in 2018 for a campaign that lasted 69 days and attracted 1,222 investors. Xinja was the first ever retail equity crowdfunding offer to take place in Australia following an update to the rules. Equitise investors were joining a $10m Series B round, of which $5m had already been raised outside of the Equitise platform.
So what’s next for Xinja?
Well, just prior to their most recent round, the challenger bank received news that the Australian Prudential Regulation Authority (APRA), had granted Xinja a Restricted Authorised Deposit-Taking Institution status. So, effectively they are an approved bank with some restrictions.
The hope is to start taking deposits during Q2, dependent upon the regulators. And then, of course, there will be affiliated services like online lending and more if things go as planned.
Sure, there are a handful of digital banks sizing up the same space in Australia. But the big battle, for the hearts, minds, and wallets of the Aussie population is with the establishment banks that control about 85% of the overall market.
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