The Australian neobank Xinja crowdfunding is closing and represents the country’s most successful equity crowdfunding campaign.

Xinja is raising A$2.6m in this round and it eclipses the previous Australian record of A$2.44m which Xinja also holds.

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Xinja now has over 2,500 investors. More than 1,500 investors are participating in this round, augmenting 1,222 in the first round held last January.

According to Xinja, over 200 investors are  investing in both rounds.

The percentage of women participating in this neobank Xinja crowdfunding round
increases to 27% from 17% in the first round.

Xinja already offers an app and prepaid travel card in market.

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It has a restricted banking licence and is currently applying for a full
banking licence.

Xinja has issued over 10,000 cards and overall more than 25,000 people have signed up for Xinja products.

Neobank Xinja crowdfunding: shaking up Australian banking

“This equity crowdfund campaign shows that Xinja’s call to shake up the banking
sector resonates with many thousands of Australians.

“We are delighted by the response to the campaign,”says Xinja chief executive and founder Eric Wilson.

Wilson says there is considerable dismay among the public about the way they have been treated by their banks.

“Australians deserve better,” he adds. “We all heard about traditional banking throughout the Hayne Royal Commission hearings. And we aim to make banking fun. We think that if people find managing their money engaging, they are likely to get better at it,” he concludes.

Xinja versus Volt Bank versus 86 400

Xinja is bringing greater competition to the market but is one of only three neobank challengers. Rival Volt Bank has already obtained a licence from the Australian Prudential Regulation Authority. This gives Volt a head start over challenger rivals Xinja and 86 400. As a result of gaining its full licence Volt is now able to accept unrestricted deposits from the public.

Meantime, the other new kid on the block, 86 400 is working with the APRA to secure a full banking licence.  86 400 plans to launch to the public in early 2019 with transaction and savings accounts.

The name 86 400 represents the number of seconds in a day. The idea is that 86 400 will work to support customers every second of every day.