Tuesday, 15 January 2019 11:51

Xinja buoyant over latest capital raise Featured

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Xinja buoyant over latest capital raise Image courtesy of Stuart Miles at FreeDigitalPhotos.net

Fledgling Australian digital bank Xinja says a capital raise, which has opened early to existing investors, customers and people who had registered interest, has passed the minimum of $500,000 in less than nine hours.

Xinja, which describes itself as a “digital neobank” designed entirely for mobile, says last month it received unprecedented expressions of interest when its second equity crowdfund was announced on Equitise.

With shares available from Tuesday on the Equitise platform, Xinja chief executive and founder, Eric Wilson, said he was confident there would be “early and consistent interest from investors who want to help shake up Australia’s banking system”.

The raise — opened early to existing investors, customers and people who had registered interest — had passed the minimum, Xinja announced.

Under the new capital raising Xinja offers shares at $2.04 each, with a minimum investment of $255.

And, Xinja claims its first equity crowdfund, launched in Jan 2018, is still the most successful retail raise since  equity crowdfunding legislation was passed in Australia.

The capital raise follows APRA granting Xinja a restricted banking licence and, according to Xinja, more than 23,000 people have signed up to the Xinja app, and it has issued more than 9000 cards, currently in use in 17 countries a day on average.

“A year ago, when Xinja was the first company to launch an equity crowdfunding   campaign, we raised more than half a million dollars in less than 18 hours," Wilson said.

"A lot has happened since then. We can now call ourselves a bank: we have a restricted banking licence,more products in development, and we have the momentum to become partners with thousands more Australians.

“We are now working towards a full banking license from APRA (in 2019, subject to regulatory approval) [and] we have ambitious plans in place for the years ahead.

“We’re all about making banking easy. We're about banking technology that more closely resembles what people expect from innovators and disruptors, like Netflix or Uber, as opposed to old-style, bricks and mortar-based banking."   

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Peter Dinham

Peter Dinham - retired and is a "volunteer" writer for iTWire. He is a veteran journalist and corporate communications consultant. He has worked as a journalist in all forms of media – newspapers/magazines, radio, television, press agency and now, online – including with the Canberra Times, The Examiner (Tasmania), the ABC and AAP-Reuters. As a freelance journalist he also had articles published in Australian and overseas magazines. He worked in the corporate communications/public relations sector, in-house with an airline, and as a senior executive in Australia of the world’s largest communications consultancy, Burson-Marsteller. He also ran his own communications consultancy and was a co-founder in Australia of the global photographic agency, the Image Bank (now Getty Images).

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