Xinja Bank, an Australia-based neobank, announced on Wednesday it has launched its Series D investment round to attract more sophisticated investors, with a minimum of $20,400 to invest. The banking group, which now holds more than $300 million in deposits already, is looking to raise funds to continue building the lending side of its business, and regulatory capital.
Founded in 2017, Xinja claims it was designed for mobile – made for people. The company noted it’s time for Australians to have access to a banking experience built around their needs and interest
“Xinja was built from scratch to deliver better banking to customers. It uses the latest cloud-based banking technology. It has no costly, old-style IT to patch, no expensive bricks and mortar branches to run, and a tight team of Xinja-workers who help deliver the kind of banking Australians deserve: lower lending rates, higher savings rates and technology that helps them get the most from their money.”
Speaking about the banking platform’s development, Xinja Bank Founder and Chief Executive, Eric Wilson, stated:
“People expect seamless technology in almost everything they do daily: from ordering food, to booking holidays or a ride home. Xinja is in that category. We have built a bank from scratch, where the technology is intuitive and fun, and that offers a better way to bank.”
Xinja added it has raised about $70 million in total, from Australian and offshore investors through Series A, B, C and the first 40% of Series D, which also includes two equity crowdfunding rounds, held in January 2018 (claimed Australia’s first-ever equity crowdfund) and January 2019. Xinja still holds the record for the most raised from equity crowdfunding in Australia.
