Alex Bank
{{Short description|New Australian digital bank}}
{{Use dmy dates|date=March 2022}}
{{Use Australian English|date=March 2022}}
{{Infobox company
| name = Alex Bank
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| industry = Banking
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| founded = {{Start date and age|2018|07}} in Brisbane, Australia
| founder = Simon Beitz and Craig Fenwick
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| hq_location_city = Brisbane, Queensland
| hq_location_country = Australia
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| website = {{URL|alex.bank}}
}}
Alex Bank is an Australian digital bank.{{cite news |last1=Ross |first1=David |title=Neobank Alex Bank launches cloud system to support cloud banking growth |url=https://www.theaustralian.com.au/business/neobank-alex-bank-launches-cloud-system-to-support-cloud-banking-growth/news-story/9e71988c8ca9c016a05425f85582917e |access-date=22 September 2021 |work=The Australian |date=5 August 2021}}{{cite news |last1=MacDonald |first1=Anthony |last2=Redrup |first2=Yolanda |title=Alex Bank raising $20m as fintech deals heat up |url=https://www.afr.com/street-talk/alex-bank-raising-20m-as-fintech-deals-heat-up-20210813-p58im2 |access-date=22 September 2021 |work=Australian Financial Review |date=16 August 2021}} It is based in Brisbane, Queensland.{{cite news |last1=Marx |first1=Anthony |title=Investors have just tipped another $20m into Alex Bank, a fast-growing Brisbane "neobank" |url=https://www.couriermail.com.au/business/citybeat/investors-have-just-tipped-another-20m-into-alex-bank-a-fastgrowing-brisbane-neobank/news-story/9fcf6599b73042f5814c228483aa396f |access-date=27 October 2021 |work=Courier-Mail |date=20 September 2021}}
The company was founded in 2018 by Simon Beitz and Craig Fenwick.{{cite news |last1=Redrup |first1=Yolanda |title=Suncorp exec-founded neobank Alex banks $10m |url=https://www.afr.com/technology/suncorp-exec-founded-neobank-alex-banks-10m-20201109-p56cuc |access-date=22 September 2021 |work=Australian Financial Review |date=16 November 2020}} It was granted a restricted authorised deposit-taking institution licence by the Australian Prudential Regulation Authority in July 2021.{{cite news |last1=Frost |first1=James |title=Alex Bank: 'We are certainly not a neobank' |url=https://www.afr.com/companies/financial-services/alex-bank-we-are-certainly-not-a-neobank-20210708-p5884q |access-date=22 September 2021 |work=Australian Financial Review |date=11 July 2021}} In December 2022 the Australian Prudential Regulation Authority announced that it had granted the Bank its full authorised deposit-taking licence.{{Cite news |last=Moullakis |first=Joyce |date=21 December 2022 |title=APRA grants Alex Bank full deposit-taking licence, amid turbulent period for digital banks |pages=1 |work=The Australian |url=https://www.theaustralian.com.au/business/financial-services/apra-grants-alex-bank-full-deposittaking-licence-amid-turbulent-period-for-digital-banks/news-story/4c2dfb0dc6d4a2c872c0dfdedc1ba858 |access-date=17 January 2023}}
History
Alex Bank was established in 2018 by two ex-Suncorp executives, Simon Beitz and Craig Fenwick. At its founding, Beitz was named Chief executive officer and Fenwick Chief financial officer. The bank initially targeted 18-to-30 year-olds in the autumn of 2020, with the idea that they are more comfortable with the idea of a fully-digital bank.
The company launched its banking services late in 2020 after a trial period in 2019.{{cite news |last1=Wood |first1=Mike |title=Meet Alex, Australia's newest digital bank |url=https://www.brokernews.com.au/news/breaking-news/meet-alex-australias-newest-digital-bank-277829.aspx |access-date=22 September 2021 |work=Australian Broker |date=15 July 2021}} In July 2021, Alex Bank was granted a restricted authorised deposit-taking institution licence by the Australian Prudential Regulation Authority. The licence permitted the company to take deposits of up to $250,000 AUD from public borrowers,{{cite news |last1=Santhebennur |first1=Malavika |title=Digital lender issued restricted ADI licence |url=https://www.mortgagebusiness.com.au/breaking-news/15816-apra-issues-second-restricted-adi-licence |access-date=22 September 2021 |work=Mortgage Business (Australia) |date=8 July 2021}} but placed limitations on the range of products and services it could offer. Alex Bank was one of only two Australian financial institutions to be granted a restricted authorised deposit-taking institution licence at the time.
The bank had raised approximately $55 million AUD in capital as of September 2021, chiefly from private (mostly Australian) investors.{{cite news |last1=Lekakis |first1=George |title=Alex Bank takes stage |url=https://www.bankingday.com/alex-bank-takes-stage |access-date=22 September 2021 |work=Banking Day |date=8 July 2021}}
In December 2022 the Australian Prudential Regulation Authority announced that it had granted Alex Bank its authorised deposit-taking licence.
In July 2023 Alex Bank CEO Simon Beitz stated that long term Alex Bank would find its way onto the Australian Securities Exchange{{Cite news |last=Baird |first=Lucas |date=25 July 2023 |title=Alex Bank plots second, late 2023 capital raising |pages=17 |work=The Australian Financial Review |url=https://www.afr.com/companies/financial-services/alex-bank-plots-second-late-2023-capital-raising-20230724-p5dqqj |access-date=26 July 2023}}
Products
The bank provides short term personal loans to individual borrowers.{{cite news |title=The newcomer named Money's Non-Bank Personal Lender of the Year |url=https://www.moneymag.com.au/cfa-21-alex-named-money-non-bank-personal-lender-of-the-year |access-date=18 October 2021 |work=Money Magazine (Australia) |date=7 July 2021}} The company differentiated itself from other banks by waiving establishment fees, ongoing fees, payout penalties or extra-repayment fees on its loans.
See also
{{Portal|Australia|Banks|Companies}}
References
{{Reflist}}
{{Banking in Australia}}
Category:Australian companies established in 2018
Category:Companies based in Brisbane
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