Xinja sees success in second crowdfunding round
Australian neobank Xinja is launching an equity crowdfunding through the platform Equitise, open to all Australians.
The raise has passed the minimum of $500,000 in less than nine hours, only with pre-registered investors that signed up when the round was announced last month.
More than 23,000 people have signed up for the Xinja app and over 9,000 tap-and-go Xinja cards have been issued. The card is in use in 17 countries a day, on average.
“A year ago, when Xinja was the first company to launch an equity crowdfunding campaign, we raised more than half a million dollars in less than 18 hours,” chief executive and founder Eric Wilson says. “Now, we can call ourselves a bank: we have a restricted banking licence, more products in development, and we have the momentum to become partners with thousands more Australians.”
Xinja will issue shares at $2.04 each, with a minimum parcel of $255 for each investor, with expectations of raising up to $5 million.
In 2018, Xinja successfully closed its first crowdfund, reaching its minimum funding goal within 18 hours and raising a total of $2.7 million. This initial crowdfund campaign was pitched at $1.25 a share and added more than 1,220 new investors to the Xinja share register.
Recently, the fintech welcomed “neobank pioneer” Brett King as a permanent adviser and appointed Tesla senior engineer Thomas Vikstrom to its board. King is a former adviser on banking to the US White House, and founder of digital bank account Moven.
