Australian digital bank Up hits 1 million customers for its 6th birthday
Following its 6th birthday celebrations, Australia’s pioneering digital bank Up has skyrocketed to reach a major milestone of one million customers, with Aussies swapping cheque books for emojis.
Launched in 2018, Up set out with a bold vision to redefine banking for the digital age.
In just six years, Up has become the go-to choice for over a million Australians seeking a modern, intuitive, and customer-centric banking experience. Up’s growth has been impressive with a 29% increase in customers year-on-year and a 37% growth in savings year-on-year.
In its first year, Up had 140,000 customers and held $113 million in deposits. Today, the digital bank now serves 1 million customers, with over $2 billion in deposits and more than 2,000 settled Up Home loans.
Since its launch, Up has grown a loyal community of customers and fans, with 80% of new Upsiders in the past 12 months joining after recommendations from family or friends. This strong word-of-mouth advocacy highlights the trust Australians have in the bank, further reinforced by Up’s recent recognition for ‘Most Loved Bank Account’ and ‘Most Loved Banking App’ in the Finder Customer Satisfaction Awards. Most recently, Up has become the most followed Australian bank on Instagram, further cementing its place as a leading digital bank with strong customer engagement and community support.
“We are incredibly proud to reach this milestone as we celebrate our sixth birthday,” said CEO of Up and CDO of Bendigo and Adelaide Bank, Xavier Shay (pictured with Up CPO Anson Parker). “This achievement is a testament to the trust our customers have placed in us and to the hard work and innovation of our team. From day one, our mission has been to make banking simpler, smarter, and more enjoyable for all Australians, and hitting one million customers shows that we’re on the right track.”
Since inception, Up has introduced a range of innovative features designed to help customers take control of their finances. From real-time spending insights and automated savings tools to its popular “Savers” feature, which now accounts for over 1.7 million Saver accounts, Up has continually evolved to meet the changing needs of its customers. Approximately 7% of users have created more than 10 Savers, which they can organise using emojis, and lock or hide to reduce the temptation to spend.
In addition, Up’s “Round Ups” feature has rounded up over 240 million transactions to the nearest dollar (or more), putting the extra cents into more than 300,000 Saver accounts, helping Australians effortlessly grow their savings.
One of Up’s standout features is “2Up”, a joint banking account that has been embraced by over a quarter of active Upsiders. Whether it’s with a partner, sibling, or friend, customers are using 2Up to help reach their shared financial goals. Up’s approach to money management extends beyond just saving and spending—it focuses on fostering financial confidence and collaboration towards achieving shared goals.
Up’s commitment to making banking more engaging and fun is reflected in its popular promotions.
The “Perk-Up” cashback promo has brightened the mornings of over 90,000 customers, giving away $800,000 worth of free coffees. Additionally, Up helps more than 500 Aussies feel good every week through its “Happy Hour” promo, which awards thousands of dollars in cashback every Friday between 5-7 pm.
Up has also supported over 60,000 Aussies in starting dedicated Home Deposit Savers to help them get onto the property ladder. Up’s in-app customer service, “Talk to Us,” has been instrumental in building trust, having helped over 400,000 Aussies to date.
