Supratim Adhikari from The Australian reports neobank Xinja has beaten its own record after pulling off Australia’s most successful equity crowdfunding campaign, raising $2.6 million from more that 1500 investors.
The latest sale of shares on the Equitise crowdfunding platform eclipsed Xinja’s previous record of $2.4m raised last August and company co-founder and CEO Eric Wilson said the fintech was on track to becoming a $100m company by the end of this year.
Supratim reveals the majority of its new investors are aged 25-44, with a significant increase in the number of women investors, from 17 per cent in the first crowdfunding round to 27 per cent this time around. The fintech now has more than 2500 investors — the 1500-plus investors in this round and 1222 in the first round with over 200 investing in both rounds.
“A big part of that is having our customers own us, and get a chance to own a bit of the upside of the digital revolution in banking – CEO & Co-founder Eric Wilson
“The fact we have a record-breaking response to our crowdfunding provides strong validation that customers like us, our banking experience and what we are trying to do. Having 10,000 customers and 25,000 sign-ups also helps.” – CEO & Co-founder Eric Wilson.
Richard points out that Xinja is aiming to get its full banking licence from the Australian Prudential Regulation Authority locked in by June, having secured its restricted banking licence in December.
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