Trading
Alex Bank
Making Banking Faster, Fairer and more Flexible
INDUSTRY
Financial
STATUS
Closed
OPEN TO
Public
Investment Highlights
Building the future of online banking
A complete digital full service bank that challenges traditional banking
Australia’s most awarded new bank FY22 aiming to reach A$1B in both deposits and loans in 2024
Company Overview
Trading under banking licence
As of July 2021 Alex Bank operates under a restricted banking licence
Highly experienced banking team
Working to provide faster, fairer and more flexible banking solutions
Australia’s most awarded bank in 2022
Alex Bank is about getting a share of the fast-growing Australian consumer finance market and outdoing traditional banking rivals with its technology and credit process.
The bank’s targeting profitability (on a month-by-month basis) by late next year and wants to hit both A$1B in deposits and loans in 2024. Its initial target – Australia’s consumer finance market – was said to be worth A$142B in lending assets (personal loans, credit cards, car loans, lines of credit) with an anticipated A$25B of new products or loans (including switching) in the coming 12 months.
Previous Funding
Proposing Series D funding round to raise $25M at a post-money valuation of $110M
September 16, 2021 – Alex Bank raised over A$20M in Series C funding with an estimated valuation of more than $120M
Key Investors
Findex, Clinton Capital Partners, Washington H. Soul Pattinson, Regal Funds Management, Wunala Capital, and SG Hiscock and Company
Simple
Easy to understand products, uncomplicated forms, and a 100% paperless for personal loans.
Fast
Leveraging cutting-edge technologies for snappy applications, fast approvals, and a seamless digital experience.
Human
Teams of real people working to provide you with faster, fairer and more flexible banking solutions
Fair
Easy to understand terms and fair market-leading rates with no upfront or ongoing fees
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