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Xinja
Australian fintech company and former bank From Wikipedia, the free encyclopedia
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Xinja is an Australian fintech company and former bank. Xinja was granted a full banking license by the Australian Prudential Regulation Authority in 2019.[1] Xinja Bank was the second Australian neobank to be made an authorised deposit-taking institution.[2] The company exited banking in December 2020 and returned to business in fintech.
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History
Xinja was founded in 2017 by CEO Eric Wilson. The business began in fintech, offering products like prepaid cards and a money management app. In 2018, Xinja raised money via crowdfunding to develop its neobanking facilities.[3] On 9 September 2019, Xinja was granted a banking licence by the Australian Prudential Regulation Authority. On 15 January 2020, Xinja Bank launched transaction and savings accounts using the BSB 775-775. In March 2020, the Dubai-based World Investments agreed to make a A$433,000,000 investment in Xinja Bank. Complications caused by the COVID-19 pandemic ultimately obstructed the Emirati investment and undermined Xinja Bank.[4] In December 2020, Xinja announced that it would return its banking licence and return all deposits, ceasing to operate as a bank in Australia, though continuing its fintech business.[5]
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See also
References
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