Eric Wilson, the founder and former CEO of dead neobank Xinja, and his fellow director Craig Swanger, won’t be able to help run a bank ’til the 2030s after APRA made first use of its new financial accountability powers. Xinja handed back its banking license in December 2020 after just three years of trying to “break… Read more »
Xinja is no longer a neobank. Despite last minute efforts by a group of the company’s shareholders pushing for the fintech to keep its banking licence, after it was the startup’s most valuable asset, the financial regulator, the Australian Prudential Regulation Authority (APRA) revoked Xinja’s licence as an authorised deposit-taking institution (ADI) on Friday. The… Read more »
A group of shareholders with more than 20% of the issued capital in failed neobank Xinja are pushing the company to keep its banking license. Xinja announced in December that it was handing back its backing licence and has since returned more than $250 million in deposits to customers Investors have been presented with two… Read more »
Xinja’s neobank adventure is over after just three years, with the fintech startup announcing it will hand back its banking license. The company hopes to continue with its US share trading platform, Dabble “should circumstances allow”, but that project has already been delayed indefinitely. The bank says customers won’t be able to put money in… Read more »
Less than a year after “Australia’s best savings account”, the high interest rate on Xinja’s Stash savings account appears to be a millstone around the neobank’s neck, with the fintech slashing the interest-bearing cap by two-thirds to just $50,000 on any deposits. With the launch of Xinja US share trading platform Dabble now delayed indefinitely,… Read more »
Neobank Xinja is once again cutting the interest rate on its Stash account from Wednesday, as well as slashing the amount of money you can earn interest on by $95,000. It’s the fourth interest rate cut in the nine months since Stash was launched in a blaze of publicity as “Australia’s best savings account”, paying… Read more »
Xinja Bank will receive A$433 million over 24 months, including $160 million initially The Abu Dhabi backers are leading global banking investors The funding will help the neobank grow as it launches personal loans and mortgages The raise comes as Xinja concludes a $50m equity crowdfund An United Arab Emirates investment company is backing Xinja… Read more »
Digital bank Xinja is looking for another $50 million from investors in a Series D raise from crowdfunding. The bank has already secured the first tranche of $20 million and the fortnight-long raise through Equitise is offering 12.254 million shares – taking the total to nearly 70 million – at $4.08 a share to… Read more »
Neobank Xinja Bank has broken its own equity crowdfunding record, raising just under $2.59 million from over 1,500 investors in its second campaign.
As the finance sector deals with the fallout, fintech startups are taking note of both the lessons to be learned and the opportunities that have emerged.
Fresh from securing its restricted banking licence from the Australian Prudential Regulation Authority (APRA) last month, neobank Xinja Bank has launched its second equity crowdfunding offer.
Digital bank Xinja has today received a restricted banking licence from the Australian Prudential Regulation Authority (APRA).
With a day to go until its offer closes, digital-only bank Xinja has raised $2 million through equity crowdfunding platform Equitise.
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