Australian Neobank Xinja Bank Hits $100 Million in Deposits & 15,000 Customers in Less Than Three Weeks

Xinja Bank, an Australia-based neobank, has reportedly hit $100 million in deposits and has attracted 15,000 customers to its platform in just three weeks. According to Xinja, customers are taking advantage of its new ‘Stash’ digital bank account and 2.25% savings rate.

According to iTWire, Xinja CEO and founder, Eric Wilson, revealed the exciting news by stating the $100 million-plus inflow into the “Stash” savings account showed that consumers are “excited by the opportunity to embrace the digital banking revolution.” He then stated:

“Just as importantly, they are excited by the fact that we are offering a market-leading ongoing rate without the usual restrictive conditions.”

The milestone comes less than six months after Xinja announced it received its full banking license from the Australian Prudential Regulation Authority (APRA) and has launched its bank accounts. Founded in 2017, Xinja Bank describes itself as an independent 100% digital neobank for Australians that is designed for mobile made people. The company previously explained:

“Xinja will be intuitive, smart, personalised and automates the little things. This means you can spend less time thinking about money, save faster, spend safely and make money decisions with less worry.We want to make it possible to start using a new account in seconds, get instant balance updates on payments, deposits and spending, see instantly how you are tracking against financial goals,and to follow where your money is going and easily make changes to get where you want to.”

Wilson also shared at the time that the bank’s transaction accounts are accessed solely via the new Xinja app and come with a Xinja Debit Mastercard, and will soon launch ‘Stash’, or savings accounts. The bank plans to add lending products in the first quarter of 2020, “as well as some other fun, ‘unbanky’ surprises.”

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