Aussie neobank launches new equity crowdfunding campaign

Australian neobank, Xinja, has announced the launch of its second equity crowdfunding campaign, aimed at helping Australians purchase shares through equity crowdfunding platform, Equitise, and therefore joining the ‘digital banking revolution’.

The firm said the raise was open to existing investors, customers and people who registered interest and it offered shares at $2.04 each, with a minimum investment of $255, with expectations of raising up to $5 million.

According to Xinja’s chief executive and founder, Eric Wilson, the offer should attract consistent interest from investors who wanted to help shake up Australia’s banking system.

“We can now call ourselves a bank: we have a restricted banking licence, more products in development, and we have the momentum to become partners with thousands more Australians,” he said.

So far, more than 23,000 people have signed up for Xinja’s application and over 9,000 tap-and-go Xinja cards have been issued, the firm said.

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Additionally, Xinja revealed its plans to obtain a full banking licence from the Australian Prudential Regulation Authority (APRA), subject to regulatory approval, in hopes of becoming a real competitor in the local banking market.

“We’re about making banking easy. We’re about banking technology that more closely resembles what people expect from innovators and disruptors, like Netflix  or Uber, as opposed to old-style, bricks and mortar-based banking,” Equitise’s co-founder, Johnny Wilkinson, said.

The company also announced that it made recently two new hires, with neobank pioneer, Brett King, being appointed as its permanent adviser while Tesla senior engineer, Thomas Vilkstrom, joined its board.