Xinja received $443 million from Dubai-based Emirates World Investments, with an initial investment of $160 million.
“We believe this is the largest investment in an Australian neobank or start-up, and combined with exceptional customer acquisition and deposit growth, this positions Xinja Bank as a leader in the Australian banking market. neobanks,” said Eric Wilson, founder and CEO of Xinja Bank. .
The remaining $273 million can be withdrawn in installments based on growth needs over the next two years.
The investment was secured after two years of discussions.
“We are very pleased to welcome World Investments as an investor in Xinja Bank,” said Mr Wilson.
“WI embodies “smart money”. These are investors who bring deep banking skills and knowledge to help us grow and succeed.
Xinja launched in May 2017 and now has over 45,000 accounts and over $450 million in deposits. It plans to launch home and personal loans later this year, but recently had to pause opening new Stash savings accounts due to the precipitous drop in interest rates.
The company’s Stash accounts attracted more than $400 million in their first eight weeks.
