Australian neo bank Xinja returns to the crowd

Australian neo bank Xinja returns to the crowd

Australian mobile banking startup Xinja is returning to the crowd in a bid to raise a further $5 million from private investors as it prepares to apply for a full banking licence.

Xinja has so far raised $4.4 million (including an earlier $2.4 million crowdfunding round), and launched a pre-paid debit card ahead of the roll out of a fully-fledged banking platform.

The Xinja app lets people track their daily spend, split costs or bills easily with friends and top up their account instantly.

Launched by a former NAB executive, the aspirant challenger says 22,000 people have so far signed up for its app and tap-and-go prepaid card.

The crowdfunding round conducted via Equitise will open in the New year.

“We are very keen for smaller investors to own a piece of the action,” says Xinja co-founder and chief executive Eric Wilson. “We want them to be in this from the ground up. We want their feedback and input. We want people to be involved.”

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