Neobank news - What is happening around us?


Hi Team,

Found this article in AFR this morning announcing another Neobank, backed by Cuscal called 86 400.

Xinja and Volt Bank get mentions:

Apparently first product is transaction account in 2019…


Hi! To find out what I can do, say @xinja_community display help.


Hey Dylan, thanks for sharing this! We saw it this morning as well. While at face value it looks like a new entrant, it sort of looks like a digital distribution strategy for CUSCAL and the credit unions. A bit smoke and mirrors for my liking. What do you think?

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Heavily aligned and backed by Cuscal but… not Cuscal… :thinking::smirk_cat:

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Can you explain why you are dismissing them as ‘smoke and mirrors’ ?


Hey T - Not so much dismissing them, as pointing out it looks like an effort from an existing group to come across as a new product, or organisation. As Dylan said, they’re heavy backed and aligned with Cuscal, but they aren’t Cuscal so… seems weird. Showing you one thing while doing something else is smoke and mirrors, right?


I understand why they’ve used it, but it’s a strange choice for the name of a business.


I tend to agree. Choosing seconds over minutes seemed strange to me as well… reminding me I’ve wasted 86,400 seconds every day doesn’t really make me smile. They’re like the memento-mori of banks.

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Hahaha I didn’t consider that Max.

But now you’ve pointed it out I don’t feel good feelings as a result… where as Ninjas taking care of my money :thinking::thinking::thinking::face_with_monocle::call_me_hand:t4:




Ok Thanks. Was also wondering about Bolt - they already have RADI so can you keep claiming to be the first independent digital bank. Don’t get me wrong I want you to succeed but honesty in banking seems lost.


In my opinion I’d say Xinja can, because they are the first to try something different and actually have a product out.

In all honesty I want a few truly independent Neobank to sprout up and win … just like Monzo, Starling and Atom in the UK and Change financial in the US.

Good for the consumer.



There are literally hundreds of pre-paid cars option available on line in Australia. I’m not sure having one is a claim to anything amazing ?

Anyway keep up the good work - get the new bank lunched.


Hey T, you’re right in saying there are a lot of simple pre-paid cards on the market. Ours are a part of a bit of a pilot program so we can build the best services possible once we finish working with the regulators to become a bank. Thanks for the encouragement!


Howdy, Have just listened to your chair on Breaking Banks. There seems to be a lot of doubt about the Restricted ADI licence. Can we get a update on when please.

Also am I right in saying that the Resteicted licence only lets you test a transaction account with a small number of people so most of us will have to wait until you have a full licence ?


Hey T - What kind of doubt? The documents are all with the regulators, so we’ll let you know as soon as we know!

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The documents have been with the regulator since July ? What’s happening. Also and more importantly how long do you expect it to take to move from a restricted licence to a full licence eg from testing with small limited customers with no promotion allowed to the import real launch.


Hi @T_Armer, yes the RADI application has been in for a while. We have been talking to the regulator a lot in the meantime but the reality is their review takes time! Not in our control, but we are hopeful we will hear real soon (it would be a great Xmas present!) but the timing is completely up to APRA. As to time between receiving an RADI and an ADI, again, this is largely up to APRA - as we’ll shortly be putting in our ADI application. There is a lot to do at our end but overall we want to go as quickly as possible. So we’re hoping only a few months between the 2. Again, not all up to us, but lots of fingers crossed it won’t be too long.


You will be pleased to know Xinja received RADI status from APRA today!

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Just saw that volt has just received their full licence -

and an article -

Congrats to them!