With a base in Queensland, the new bank - Infinity - joins a host of Australian challenger brands - including Xinja, 86 400 and Volt Bank - bidding to use slick digital tools to take on the might of Australia's Big Four incumbent banks.

Initially starting with a prepaid card, DayTek Capital is already working towards its Restricted Authorised Deposit-Taking Institution Licence, with an aim for it to be submitted later this year.

Krish Gosai, co-founder and chief commercial officer at DayTek Capital, comments: “Being granted this licence is an incredible achievement, especially during a time where licences are difficult to come by. We are extremely excited to now be regulated and have the appropriate authorisations to move forward with our plans and deliver Infinity to consumers across Australia."

Will Banks, co-founder and CEO says the bank aims to support the financial wellbeing of consumer and SME clients. "We will cover a range of markets, where we will offer dynamically structured and intimate banking products, personalised through the real-time synchronisation of every customer’s changing financial position," he says. "An AI market place will also be offered where our SME and retail customers can interact with each other. This will all be underpinned by a unique and state of the art AI driven technology stack, provided by global technology partners.”

Thew new bank, which currently number eight personnel, recently recruited Paul Hanks, the co-founder of UK challenger Atom Bank, as chief technology officer.

Says Hanks: "What we are building is something I have not witnessed in the banking sector before and it is refreshing to see the boundaries being pushed to enable Retail and SME customers to be better served."