Xinja

Xinja Bank Limited
Xinja
Industry
Headquarters77 King Street, Sydney
Key people
  • Eric Wilson (CEO)
Websitewww.xinja.com.au

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.

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]

See also

References

  1. ^ "APRA grants new authorised deposit-taking institution licence to Xinja Bank". APRA. Retrieved 9 September 2019.
  2. ^ Tesfaye, Mekebeb. "Xinja is now the second neobank to receive a Restricted ADI license". Business Insider. Retrieved 31 December 2018.
  3. ^ Main, Liz. "Xinja: Meet Australia's first crowdfunded bank". Australian Financial Review. Retrieved 31 December 2018.
  4. ^ Eyers, James. "The Sheikhs behind the Dubai Xinja Bank plunge". The Australian Financial Review. Retrieved 16 April 2020.
  5. ^ "Neobank Xinja to hand back banking licence, will no longer offer bank accounts". Savings.com.au. Retrieved 23 November 2023.