The Australian:
Xinja launches 2nd Equity Crowdfund

The Australian: Xinja launches 2nd Equity Crowdfund

For more about Xinja’s equity crowdfund raise and to invest please click here.

Joyce Moullakis from The Australian confirms Xinja has kicked off talks with providers of wholesale funding, as it accelerates plans to start offering home loans later this year and take market share from the big banks.

As Xinja pushes ahead with its second equity crowd-funding campaign, chief executive Eric Wilson told The Australian the company would need to capture 0.7 per cent of the $1.7 trillion mortgage market to break even.

“The push to open up this market can only be a good thing. The Hayne royal commission had shown big banks had abused their power for too long” – CEO & Co-founder Eric Wilson

Joyce points out Xinja is targeting as much as a $5m raise from its latest crowd-funding drive, after last year attracting $2.7m from its first round. In total, including a series of funding rounds targeting high net worth investors, Xinja has raised more than $24m.

Joyce confirms Xinja wants to sell 245,099 to 2,382,260 shares at $2.04 apiece, which will deliver the company a post-raising maximum valuation of $94.2m. The initial crowd-funding campaign was pitched at $1.25 per share.

Xinja’s travel and spend cards had occurred “much better and much quicker” than the company’s initial modelling.

Mr Wilson believes the crowd-funding campaign gives Xinja an edge.

It is something that is really important to us that everybody gets the same opportunity – CEO & Co-founder Eric Wilson

 

You can read the full article here: (Please note, the Australian is behind a paywall).

For more about Xinja’s equity crowdfund raise and to invest please click here.

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 xinja.com.au/legal

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