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Alex Bank is an
Australian Australian(s) may refer to: Australia * Australia, a country * Australians, citizens of the Commonwealth of Australia ** European Australians ** Anglo-Celtic Australians, Australians descended principally from British colonists ** Aboriginal Aus ...
digital bank A neobank is a type of direct bank that operates exclusively using online banking without traditional physical branch (banking), branches. They challenge traditional banks. In contrast to direct banks, in many cases, neobanks do not have their ow ...
. It is based in
Brisbane Brisbane ( ; ) is the List of Australian capital cities, capital and largest city of the States and territories of Australia, state of Queensland and the list of cities in Australia by population, third-most populous city in Australia, with a ...
,
Queensland Queensland ( , commonly abbreviated as Qld) is a States and territories of Australia, state in northeastern Australia, and is the second-largest and third-most populous state in Australia. It is bordered by the Northern Territory, South Austr ...
. The company was founded in 2018 by Simon Beitz and Craig Fenwick. It was granted a restricted authorised deposit-taking institution licence by the
Australian Prudential Regulation Authority The Australian Prudential Regulation Authority (APRA) is a statutory authority of the Australian Government and the prudential regulator of the Australian financial services industry. APRA was established on 1 July 1998 in response to the recom ...
in July 2021. In December 2022 the Australian Prudential Regulation Authority announced that it had granted the Bank its full authorised deposit-taking licence.


History

Alex Bank was established in 2018 by two ex-
Suncorp Suncorp Group Limited, known simply as Suncorp, is an Australian finance, insurance and banking corporation based in Brisbane, Queensland, Australia. It was formed on 1 December 1996 by the merger of Suncorp, Metway Bank and the Queensland Ind ...
executives, Simon Beitz and Craig Fenwick. At its founding, Beitz was named
Chief executive officer A chief executive officer (CEO), also known as a chief executive or managing director, is the top-ranking corporate officer charged with the management of an organization, usually a company or a nonprofit organization. CEOs find roles in variou ...
and Fenwick
Chief financial officer A chief financial officer (CFO) is an officer of a company or organization who is assigned the primary responsibility for making decisions for the company for projects and its finances; i.a.: financial planning, management of financial risks, ...
. 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. 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, 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. 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


Products

The bank provides short term personal loans to individual borrowers. The company differentiated itself from other banks by waiving establishment fees, ongoing fees, payout penalties or extra-repayment fees on its loans.


See also

*
Banking in Australia Banking in Australia is dominated by four major banks: Commonwealth Bank, Westpac, Australia & New Zealand Banking Group and National Australia Bank. There are several smaller banks with a presence throughout the country which includes Bendigo a ...
*
List of banks Lists of banks are contained in the following articles: By continent * List of banks in Africa – Each country in Africa has a list of banks operating in that country * List of banks in Asia – Each country in Asia has a list of banks oper ...
*
List of banks in Australia The following is the list of Banking in Australia, banks in Australia, as well as restricted Authorised deposit-taking institution, authorised deposit-taking institutions (ADI), credit unions, friendly society, friendly societies and subsidia ...
*
List of banks in Oceania This is a list of banks in Oceania Australia Central bank *Reserve Bank of Australia Major banks *Australia & New Zealand Banking Group, ANZ Bank **Suncorp Bank, Suncorp *Commonwealth Bank **Bankwest *Macquarie Group, Macquarie Bank *National ...


References

Banks of Australia Neobanks Australian companies established in 2018 Companies based in Brisbane {{Australia-company-stub