Online bank start-up Xinja has announced plans to access crowdfunding through the Equitise platform in a move that Xinja chief executive Eric Wilson has said will allow Australians to “build their own” bank.
“Xinja is all about creating a new kind of banking experience — and crowdfunding is part of that,” Mr Wilson said.
“If people want a new kind of bank, this is their opportunity to build their own.”
Through Equitise, investors will be able to invest amounts as low as $1,000 from late November or early December. According to a spokesperson for Xinja, “at least $500,000” was “likely” to be raised through crowdfunding, contributing to the digital bank’s “current $10 million to $15 million round”.
Capital raised from the crowdfunding will go towards “developing Xinja’s core banking platform”, the spokesperson said.
The platform "incorporates the best of blockchain thinking and security" as well as "data analytics and AI services to continually evolve and enhance the customer experience and promote ongoing money mindfulness via the Xinja mobile app", the spokesperson added.
The digital bank has applied for an approved deposit-taking institution (ADI) licence, and if approved, will look to launch deposit accounts around the middle of 2018.
Commenting on the crowdfunding plans, Equitise co-founder Chris Gilbert said that investors were seeking opportunities to invest in “disruptive companies like Xinja”.
“For everyday Aussie investors, this is their chance to not only invest in a bank but to build a better kind of bank in Xinja,” Mr Gilbert said.
“We’re thrilled that this truly disruptive neobank will be the first one that retail investors can invest in on our platform.
“It’s a great fit, with Equitise and Xinja coming together to form the future of digital banking by harnessing the power and amazing potential of equity crowdfunding.”
