New Australian digital bank Alex sets sights on raising fresh capital

Newest Australian digital banking challenger on the block Alex is looking to raise around A$10m  in a Series B funding round, as first reported by the Australian Financial Review.

Alex’s team of executives have been pitching its Series B to several family firms and retail investors over the past few weeks in the hopes of getting a nibble to get the ball rolling.

The digital bank is on a “mission to make managing money simple and easy,” by making its services easy to use and access and offering no hidden fees or conditions for its accounts.

Alex is currently not regulated by the Australian Prudential Regulation Authority (APRA) but hopes that with this fresh funding it will be able to receive its restricted licence in early 2021 and receive its full licence later on next year.

Just like most other digital banks, Alex is looking to target the 18-35 age bracket with its easy-to-use and transparent account, with potential to later focus on onboarding tech savvy 35-50 year olds.

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Source: New Australian digital bank Alex sets sights on raising fresh capital   – AltFi