Aussie digital banking player Alex plans to secure AU$10 million funding

144
seed funding

Alex, an Australia-based digital banking player is planning to attain capital of AU$10 million (approximately $7.1 million) through a Series B round of investment. As reported first by the Financial Review, the senior management team of fintech Alex has been keen on securing additional funds by approaching several retail investors and family firms since the past few weeks.

The digital bank Alex aims to make money management simple and easy by providing customers with user-friendly or intuitive services minus the many conditions for using its accounts and charging hidden fees.

About the digital banking player Alex

According to its LinkedIn profile, digital banking challenger Alex is yet to go live. They are “building a bank that’ll bring a smile to its customers’ faces”. The bank will be 100% digital, super simple to use and offer no-fuss-no-tricks products.

The bank was founded in 2018 and is headquartered in Brisbane, Queensland. Currently valued at AU$50 million, the bank is not (yet) authorised by the Australian Prudential Regulation Authority but has applied for approval to conduct digital banking in the country.

Through the expected funding, the bank hopes it would be able to acquire a limited or restricted license by 2021. Eventually, the management team of Alex aims to secure a full license through which a complete range of financial services can be offered.

SEE ALSO: Australian BNPL Afterpay CFO Bortoli to depart after 3 years in the role

More on Alex’s Series B Round

Alex’s CEO Simon Beitz and Founder and CFO Craig Fenwick are looking to finalize the Series B funding round within the next few business days. The digital banking firm has already captured AU$15 million (approximately $10.6 million) till date from Australia-based funds Alvia Asset Partners and Alium Capital. Co-Founder at Judo Bank, Alex Twigg has been appointed as an advisor to the digital banking fintech firm.

The target audience of the digital banking service will be younger consumers, particularly Millenials and Gen Z (which fall under the age group of 18 to 35). Later, the fintech company might also consider offering its services to the tech-savvy consumers in the 35-50 age bracket.

SEE ALSO: Zip Co Director to retire from her post while the BNPL appoints a new one

For more updates and latest tech news, keep reading iTMunch