Australia based Alex, a digital banking challenger, is reportedly planning to secure about A$10m (appr. $7.1 million) in capital through a Series B investment round.
As first reported by the Financial Review, Alex’s team of senior management professionals have been focused on acquiring additional funding by approaching various family firms and retail investors during the past few weeks.
The digital bank says that it plans to “make managing money simple and easy” by offering intuitive or user-friendly services without charging any hidden fees or too many conditions for using its accounts.
At present, Alex is not regulated by the Australian Prudential Regulation Authority (APRA). However, the company is hoping that after it manages to acquire additional funding, it will be able to get a restricted or limited license by next year. Alex’s management also plans to get a full license so that it can offer a complete range of financial services.
Alex’s founders are planning to offer services that meet the needs of younger consumers, specifically the 18-35 age group (which includes Millennials and Gen Z users). The Fintech firm’s management noted that their accounts will be easy to manage and aim to offer more transparency than traditional service providers. The company might also begin offering services to tech savvy consumers aged between 35 and 50.
Simon Beitz, the Fintech firm’s CEO and founder, and CFO Craig Fenwick may be looking to finalize the Series B round within the next few business days.
Alex has secured A$15m (appr. $10.6 million) to date, from Australia based funds Alium Capital and Alvia Asset Partners. Alex Twigg, co-founder at Judo Bank, is serving as an advisor to the Fintech company.
As reported recently, Australian Fintech WeMoney has secured $2 million in seed funding to launch a financial wellness platform. Razer Fintech and Franklin Templeton will also be offering digital wealth management services to Millennials in Singapore and other Asian Countries.