Aussie challenger bank Xinja seeks second funding round
Xinja, an Australian digital bank, is inviting potential investors for a second equity crowdfunding which would take place in 2019.
The offer is being launched through Equitise, with whom the bank partnered for the first round, and is targeting a raise between AU$500,000 ($369,000) and AU$5 million ($3.7 million). Shares will be priced at AU$2.04 ($1.5).
Xinja’s first equity crowdfunding closed in March this year, hitting a total of AU$2.7 million ($2 million), surpassing the half a million target.
Co-founder and chief executive Eric Wilson says the bank wants people to be involved.
More than 22,000 people have signed up for Xinja’s app and tap-and-go prepaid card, which offers many of the features expected from a neo bank: no card or ATM fees, control over finances, customer chat etc.
Xinja counts Brett King as a board adviser, and Tesla engineer Thomas Vikstrom as a member of the Xinja board.
Xinja has an Australian credit licence, and has applied for a restricted banking licence, and hopes to be able to work towards attaining a full banking licence soon.
Banking Down Under is looking up, but Xinja has several rivals to contend with. Check out our comprehensive list of Australian challenger banks here.
