Alex Bank
| Industry | Banking |
|---|---|
| Founded | July 2018 in Brisbane, Australia |
| Founder | Simon Beitz and Craig Fenwick |
| Headquarters | Brisbane, Queensland , Australia |
| Website | alex |
Alex Bank is an Australian digital bank.[1][2] It is based in Brisbane, Queensland.[3]
The company was founded in 2018 by Simon Beitz and Craig Fenwick.[4] It was granted a restricted authorised deposit-taking institution licence by the Australian Prudential Regulation Authority in July 2021.[5]
History
Alex Bank was established in 2018 by two ex-Suncorp executives, Simon Beitz and Craig Fenwick.[4][1] At its founding, Beitz was named Chief executive officer[5] and Fenwick Chief financial officer.[1] The bank initially targeted 18-to-30 year-olds in the autumn of 2020, with the idea that they are more comfortable with the idea of a fully-digital bank.[4]
The company launched its banking services late in 2020 after a trial period in 2019.[6] In July 2021, Alex Bank was granted a restricted authorised deposit-taking institution licence by the Australian Prudential Regulation Authority.[5][3] The licence permitted the company to take deposits of up to $250,000 AUD from public borrowers,[7] but placed limitations on the range of products and services it could offer.[5] Alex Bank was one of only two Australian financial institutions to be granted a restricted authorised deposit-taking institution licence at the time.[7]
The bank had raised approximately $55 million AUD in capital as of September 2021,[3] chiefly from private (mostly Australian) investors.[8]
Products
The bank provides short term personal loans to individual borrowers.[5][9] The company differentiated itself from other banks by waiving establishment fees, ongoing fees, payout penalties or extra-repayment fees on its loans.[9]
References
- ^ a b c Ross, David (5 August 2021). "Neobank Alex Bank launches cloud system to support cloud banking growth". The Australian. Retrieved 22 September 2021.
- ^ MacDonald, Anthony; Redrup, Yolanda (16 August 2021). "Alex Bank raising $20m as fintech deals heat up". Australian Financial Review. Retrieved 22 September 2021.
- ^ a b c Marx, Anthony (20 September 2021). "Investors have just tipped another $20m into Alex Bank, a fast-growing Brisbane "neobank"". Courier-Mail. Retrieved 27 October 2021.
- ^ a b c Redrup, Yolanda (16 November 2020). "Suncorp exec-founded neobank Alex banks $10m". Australian Financial Review. Retrieved 22 September 2021.
- ^ a b c d e Frost, James (11 July 2021). "Alex Bank: 'We are certainly not a neobank'". Australian Financial Review. Retrieved 22 September 2021.
- ^ Wood, Mike (15 July 2021). "Meet Alex, Australia's newest digital bank". Australian Broker. Retrieved 22 September 2021.
- ^ a b Santhebennur, Malavika (8 July 2021). "Digital lender issued restricted ADI licence". Mortgage Business (Australia). Retrieved 22 September 2021.
- ^ Lekakis, George (8 July 2021). "Alex Bank takes stage". Banking Day. Retrieved 22 September 2021.
- ^ a b "The newcomer named Money's Non-Bank Personal Lender of the Year". Money Magazine (Australia). 7 July 2021. Retrieved 18 October 2021.
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