Australia’s Alex Bank lands regulatory ADI licence
Aussie challenger Alex Bank has landed a licence to operate as an Authorised Deposit-taking Institution (ADI) by the Australian Prudential Regulation Authority (APRA).
Alex Bank lands ADI licence
The bank says the news follows just 18 months after it received a restricted ADI licence.
Founded in 2018 and headquartered in Brisbane, Alex Bank claims to have grown in the last two years to support over 2,500 customer accounts, opening offices in Brisbane and Sydney offering loans and savings accounts.
Commenting on the licence, CEO of Alex Bank Simon Beitz says, “It represents the culmination of several years of hard work and enables Alex Bank to accept deposits and scale our business leveraging our investment in new generation technology that enables fast and efficient straight-through processing.”
Having received the licence, Alex Bank says it will expand its product suite to include term deposits in its offerings.
Beitz adds that the company in the past three financial years has grown its revenue by a compounding annual growth rate of 717%, claiming to be “one of Australia’s fastest growing companies”.
