Just 30 seconds – Nine25 launches the fastest transaction account opening in Australia

Just 30 seconds – Nine25 launches the fastest transaction account opening in Australia

Australian fintech Nine25 today set the benchmark for the rest of the Australian banking and financial services industry to follow by announcing the launch of the fastest transaction account opening in just 30 seconds.

“It’s 2023 and there is absolutely no reason why you should have to take anything more than a minute to open your banking account,” explains Nine25 Founder, Leigh Dunsford, “With the Nine25 App, you now get an account to make deposits, linked to a Mastercard in just 30 seconds.”

As part of their journey as Australia’s first ever money app, the Nine25 App is on a mission to enable Australians to spend, manage and invest their money as quickly and easily as possible, starting with setting up a usable transaction account akin to traditional banking in under a minute.

And early numbers indicate that Australians are already taking to this innovative idea. “Our user growth is on track to exceed 120,000 new customers in the new financial year,” says Dunsford, “given the compounding week on week increase in accounts right now, we see this as very conservative and expect to hit our target of 1 million account activations within three to five years.”

Dunsford is not surprised that younger Australians are taking up this innovative approach to money. “Banking processes tend to run one or two decades behind current expectations,” says Dunsford, “they continue to expect people to fill out 20-page forms and wait 5 days for a response. So while they count an online form as an innovation, we’ve demonstrated that you can get people setup and tapping their phone to pay for everything from groceries, shopping to rent and fuel in less than a minute.”

With their everyday transactions taken care of in less than a minute, Dunsford and his team now have their sights set on other slow and dated financial technology.

“Australians shouldn’t have to try and juggle dozens of disparate banking, lending, trading, and investing apps that all claim to work towards a better financial future despite not working in a cohesive manner,” he says, “our vision is to have their services work seamlessly for our users. They should be able to do money, better.”

Nine25 is Australia’s first and fastest money app. The Nine25 Virtual Account and banking/payment arrangement services are provided by Zai Australia Pty Ltd, supported by banking partner Cuscal Limited and Standard Chartered Bank’s international banking services. Its Card services are supported by EML Payments for the Mastercard program with development already underway to launch Nine25 Invest, that includes share and ETF trading & investing, in Q423.