Aren't we the first Neo Bank?


Just read this article but thought we were the first Neo Bank?

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Hey @XinjaPat Pat - slightly a question of definitions :slightly_smiling_face: We were the first to get funding and get a product to market (the app and prepaid/travel card & then home loans for friends and family). As you know, we became a bank just before Xmas, but Volt are the first to get a full banking licence - however they don’t have any products yet. To be honest, we’re stoked that the first full licence has been granted (all credit to the Volt team) as this is good for us to! And we’re hoping to get ours (subject to the regulators approving) as soon as we can to coincide with launching bank accounts.


Have you seen this new challenger, “up banking” ? I have signed up for a prepaid card and the subscription experience is awesome, in 10 minutes I could manage to make a payment by payid and had my card on apple wallet’s watch ready to go. Xinja have to reach this level experience, don’t you think?


Oh yes I’ve seen this Up brand advertised to me lately (most likely because I’ve been searching around for Neo Bank related keywords). I believe It’s owned by Bendigo and Adelaide bank

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Another Australian neobank is 86400 ( which acquired a restricted ADI like Xinja. We are blessed with choice now as we enter the exciting era of open banking this year in Australia.

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Which for me btw @geryloutre makes this not a challenger. What it is, is the first digital entry for the mainstream banks. It’s like a new version of Bank of Melbourne (which is actually Westpac)… where the bank pretends to something they aren’t.


Yep, they’re backed by CUSCAL, which feels a little disingenuous… not that I would say that publicly, but they might be biting the hand that feeds them given they provide heaps of tech to the smaller banks and credit unions nationally…

One to watch how that relationship works!


Up is great, I joined recently and its now my main bank. Its more a joint venture than a Bendigo spinoff - if you read their blog they approached Bendigo. Having used Starling and Monzo in the Uk I think Up is the closest thing available here now. Hopefully Xinja will rival it, I’m a member and looking forward to the launch of a bank account…

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I agree UP is pretty neat. Great features like real time payments and Apple Pay. I don’t think they are a bank though. If you read their Conditions small print they say they are a subsidiary of Bendigo and not a ADI which I think means not a bank ? If you open an account they are Bendigo. Still great features and Xinja I’m sure has equally impressive features up their sleeve for release soon ?

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