Alex.Bank becomes Australia’s newest ADI

Alex.Bank becomes Australia’s newest ADI

Alex Bank has today been granted a licence to operate as an Authorised Deposit-taking Institution (ADI) by the Australian Prudential Regulation Authority (APRA). This comes just 18-months after having received its Restricted ADI licence.

CEO of Alex Bank, Simon Beitz, said, “This is a proud moment for the entire Alex Bank team. 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.”

Beitz added, “We’re excited to expand our suite of products including Term Deposits, adding to our award-winning Personal Loan and Savings Account”.

To support its product and growth strategy, Alex Bank has had a strong focus on developing its broker partnerships during 2022 and now have access to the majority of brokers in the market.

Over the past two years, Alex Bank has grown from a small start-up into Australia’s newest Bank with offices in Brisbane and Sydney and supporting over 2500 customer accounts. It has a highly credentialed Board and executive team including banking and technology sector veterans with decades of industry experience under their belt.

Beitz concluded, “This is only the beginning for Alex Bank. During the past three financial years we have grown our revenue by a compounding annual growth rate of 717% and are grateful to have been recognised as one of Australia’s fastest growing companies.”

Alex Bank has been widely recognised by industry bodies, consumer comparison sites and its peers. To date, they have picked up 14 award wins, including five-star ratings from Canstar, Gold awards from Rate City, Expert Choice awards from Mozo, and the Best Innovation in Lending award at the 2022 FinTech Awards. Alex Bank was also recently ranked 11th on the AFR’s Fast Starters and placed 21st in the Rising Star category in the Deloitte Technology Fast 50.