Australia’s Neo-Banks: Which One to Choose ?

Neobanks only hit Aussie shores last year, and many of these new banks and other money apps are still in their development stage or just starting to roll out. Here’s a list of the current Australian neobanks, digital banks, fintechs and money apps that you need to know about before choosing your next digital banking partner:

Up
Backed by Bendigo and Adelaide Bank, Up is a mobile-only, app-based bank. Up was the first of Australia’s ‘digital banks’ to launch to the public in October 2018, and since then it’s already released both a Mozo Experts Choice Award-winning transaction account and savings account.

Intrigued? Check out our reviews of the Up Bank Everyday Account and Saver Account.

86 400
Representing the number of seconds in each day, 86 400 is one of Australia’s newest banks, having fully launched to the general public in September 2019 after receiving its full ADI licence in July 2019. As part of its launch, the Cuscal-backed neobank released a transaction account and savings account which are available through the 86 400 app.

In November 2019, 86 400 expanded their product suite even further by becoming the first neobank in Australia to launch home loans.

Volt Bank
Volt Bank was the first neobank in Australia to be granted a licence as a Restricted Authorised Deposit-taking Institution (RADI) in May 2018, and in January 2019 it was granted a full licence to operate as an Authorised Deposit-taking Institution (ADI).

Volt Bank is expected to launch at any moment, with a savings account and transaction account likely to be the first products available to their users through the Volt App, followed by home loans further down the track.

Xinja Bank
Sydney-based Xinja is also close to completely opening its doors as a fully-fledged digital bank. Originally offering users a prepaid spending card, Xinja obtained their full ADI licence in September 2019 and launched a transaction account and debit Mastercard (to existing users) at the same time.

According to Xinja, the next move will be launching their ‘stash’ savings account (likely very soon) followed by lending products in early 2020.

Judo Bank
Unlike the neobanks above, Judo Bank is a little bit different. That’s because they’re a a challenger bank aimed at providing products and services mainly to Australian small and medium-sized businesses rather than everyday individuals.

Based in Sydney, Judo acquired their full ADI licence in April 2019 and are offering a variety of business loans, term deposits and even business home loans to their customers.

Pelikin
Pelikin is a Melbourne-based travel money app aimed at providing young Aussies with a travel money companion with a point of difference. Pelikin is mobile-only and features a multi-currency account and prepaid Visa debit card which allows users to spend, transfer and split money in up to five different currencies.

QPay
Launched in 2015, QPay is a mobile-based money app designed to deliver Australian students with a different way to pay. QPay users can make use of both the QPay App and reloadable QPay Debit Mastercard which offer features such as student-only discounts and spending insights (on the app).

Revolut
With over three million customers in Europe already, Revolut is a UK-based digital money app which offers a range of traditional banking services as well as P2P payments and cryptocurrency exchange.

Revolut launched in Australia in June 2019, offering Aussie users an app and the choice of a number of linked debit cards which can be used for spending at home and abroad, as well as transferring money internationally. Just bear in mind that Revolut is not a bank, and your funds will be held by an undisclosed Australian bank.

Douugh
Started by the co-founder of P2P lender SocietyOne, Douugh is positioning itself as a ‘smart app-based bank account’ featuring its very own AI assistant and a linked debit Mastercard. Reports are that Douugh could launch in Australia as early as late 2019.

archa
Another of the Melbourne-based fintechs, archa are set to launch a travel-friendly ‘digital account’, prepaid debit card and the linked archa app sometime in late 2019. At the moment they don’t have a full Australian banking license, but they certainly plan to get one in the near future.

You can always find out more about these and others by viewing the updated NEOBanks List.

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