Supratim Adhikari from The Australian has revealed Xinja received its restricted banking licence, even as the fintech outfit looks to new funding through a crowdfunding campaign.
Supratim points out Xinja, which will now be rebranded as Xinja Bank, is in the middle of raising $5 million through crowdfunding platform Equitise, with shares valued at $2.04 each and a minimum investment of $255.
Xinja cofounder and CEO Eric Wilson said getting the tick of approval from the Australian Prudential Regulation Authority (APRA) takes the fintech a step closer to delivering a real choice to consumers.
“It brings us one step closer to fulfilling our purpose, which is to help people make more out of their money.”
– CEO Eric Wilson
“We are very proud that Xinja’s owners include not only local and overseas professional investors but our staff and thousands of cardholders who have invested, as part of our equity crowdfunding, and want to join with us to revolutionise banking.” – Eric Wilson.
XINJA™ (Xinja Bank Limited ACN 618 937 054) is authorised by the Australian Prudential Regulation Authority (APRA) to operate under a Restricted Authorised Deposit-taking Institution (RADI) licence until 16th December 2020. Under this licence we are not required to meet the full ADI prudential framework. We will only offer bank accounts to the general public when we become a full ADI. You can still apply for other Xinja products. More information about Xinja’s RADI licence is available at xinja.com.au/legal