Product offering expanded to include term deposits
Australian digital bank Alex Bank has been granted a licence to operate as an authorised deposit-taking institution (ADI), enabling it to expand its product offering.
Licensed as a Restricted ADI in July 2021, APRA confirmed on Wednesday morning (December 21) that Alex Bank is now able to operate as an ADI without restrictions.
The neo bank’s suite of products is to include term deposits, in addition to a personal loan and savings account which are already available.
Referring to the banking licence, Alex Bank CEO Simon Beitz (pictured above) said it was a “proud moment” for the Alex Bank team.
“It represents the culmination of several years of hard work and enables Alex Bank to accept deposits and scale our business leveraging our investment in new generation technology that enables fast and efficient straight-through processing,” Beitz said.
“We’re excited to expand our suite of products including term deposits, adding to our award-winning personal loan and savings account”.
Members of the Alex Bank board and executive team collectively had decades of experience in banking and technology, the bank said.
“This is only the beginning for Alex Bank. During the past three financial years we have grown our revenue by a compounding annual growth rate of 717% and are grateful to have been recognised as one of Australia’s fastest growing companies,” Beitz said.
Founded by Simon Beitz and Craig Fenwick in July 2018, Alex Bank has offices in Sydney and Brisbane and supports over 2,500 customer accounts.
In July 2021, co-founder Craig Fenwick said Alex Bank was established to help make consumer credit “faster, simpler and fairer for Australians”.
The bank has since picked up various awards, including the Best Innovation in Lending award at the 2022 FinTech Awards.
In August 2021, Alex Bank went live with its cloud-based software, bringing it one step closer to getting its full banking license.
