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.
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.
AUTHOR
Oksana Patron
Recommended for you
Infrastructure assets are well-positioned to hedge against global uncertainty and can enhance the diversification of traditional portfolios with their evergreen characteristics, an investment chief believes.
Volatility in US markets means currency is becoming a critical decision factor in Australian investors’ ETF selection this year.
Clime Investment Management is overhauling the selection process for its APLs, with managing director Michael Baragwanath describing the threat of a product failure affecting clients as “pure nightmare fuel”.
Global X will expand its ETF range of exchange-traded funds next month with a low-cost Australian equity product as it chases ambitions of becoming a top issuer of ETFs in Australia.
