Media Release:
Xinja granted restricted banking licence

  • Xinja – now also known as ‘Xinja Bank’ represents new way of banking in Australia
  • App, prepaid card and home loans already in the market
  • More than 23,000 people have already signed up
  • Third capital raising continues targeting $20 million  

SYDNEY, Australia — December 18, 2018

Xinja said today it is ready to revolutionise the way Australians think about banking after receiving a restricted banking licence from the Australian Prudential Regulation Authority (APRA).

Xinja said it has now become a bank, a digital ‘neobank’ designed entirely for mobile, which is already challenging Australia’s entrenched major banks by showing people how innovation can make banking work in their interests.

APRA earlier confirmed it has granted Xinja a restricted authorised deposit-taking institution licence (RADI), allowing Xinja to conduct restricted banking business. – see here.

“We are super excited and this announcement confirms our belief that Xinja represents the new way of banking in Australia. It brings us one step closer to fulfilling our purpose, which is to help people make more out of their money,” said Xinja co-founder and Chief Executive Eric Wilson.

“Xinja is all about making banking easy, frictionless and even fun so that people can make better, faster money decisions without the angst,” Mr Wilson said.

“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,” he said.

Xinja Chair Lindley Edwards said Australians deserve better banking.

“Xinja will bring greater competition to the market, which has been stagnant for too long when it comes to looking after the interests of ordinary Australians. We have built Xinja from the ground up, which means we have listened to people who want to bank with us, and used their feedback to help us build a better bank,” Ms Edwards said.

More than 22,000 people have already signed up for Xinja, which has an app and prepaid card that also serves as a no-fee travel card in use in more than 70 countries.

The card allows anyone travelling overseas or shopping online in a foreign currency to see how much has been spent in both the foreign currency and Australian dollars.

The Xinja app lets people track their daily spend, split costs or bills easily with friends and top up their account instantly. The card can be frozen with a swipe, users can check their balance from outside the app, and easily access customer service via chat.

Xinja charges no card fees or ATM fees either at home or abroad (although local ATM providers may charge a fee) and refunds 100% of currency conversion fees.

Xinja already has an Australian Credit Licence, which allows it to offer home loans. In November, it announced that, with its partner SAP, it has already stood up its core banking system, which was achieved in record time.

“We believe old-style banking is about to face serious challenges,” Ms Edwards said.

“Xinja has been asking ‘what’s the very best we can do?’ We have been looking to other innovators and disruptors around the world to bring the best to our banking.”

Brett King, a global neobank guru, was recently appointed to advise the Xinja Board, with senior Tesla engineer Thomas Vikstrom joining the Board. Both bring high levels of disruption and innovation thinking to their positions.

“We know people want seamless, transparent banking,” Ms Edwards said. “We also believe our interests should be more closely aligned: what we do should be good for our customers, and good for us.”

Xinja has so far raised over $A17 million in Series A and Series B capital raisings, including $2.7 million from 1,200 retail investors in Australia’s first and most successful equity crowdfund. It has announced it will launch a second equity crowdfunding in January 2019.

It has a target range of $A10 million to $20 million for its current third funding round.

The restricted licence means Xinja can hold up to $2 million in deposits of less than $250,000 each. APRA also imposes strict rules around Xinja’s tier one capital, assets and liabilities, and the assets it holds on its balance sheet.

For further information, please contact:

Michelle Innis

P&L Corporate Communications

61 2 9231 5411

61 414 999 693

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

You can download a pdf of this press release here.

[gravityform id="5" title="false" description="true" ajax="true"]
[gravityform id="7" title="false" description="true" ajax="true"]
[gravityform id="8" title="false" description="true" ajax="true"]