Xinja Bank opens Series D round to large investors

Xinja Bank opens Series D round to large investors

Australian neobank Xinja has launched a fund raise aimed at sophisticated investors, with a minimum of $20,400 to invest.

The capital raise is part of a Series D round that is 40% complete with $20 million raised so far.

The app-only bank, which launched its first saving account in January with a market-beating savings account paying 2.25% on deposit, received deposits of more than $100 million within its first three weeks. Xinja now has 25,000 customers and more than 41,000 accounts.

Xainja Bank founder and chief executive Eris Wilson says: "We have had a huge influx of customers and deposits, so much so we have met our target for deposits already.

"People expect seamless technology in almost everything they do daily: from ordering food, to booking holidays or a ride home. Xinja is in that category. We have built a bank from scratch, where the technology is intuitive and fun, and that offers a better way to bank."

Xinja has raised around $70 million in total, from Australian and offshore investors through Series A, B, C and the first 40% of Series D. This includes two equity crowdfunding rounds, held in January 2018 and January 2019.

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