Up Banking customer numbers will overtake CommBank in the Youth market in 2 years: Up Co-Founder Dom Pym
By Glen Frost, Producer, FinTech Summit 2023
Speaking at the Closing Keynote Panel Session at the 10th Annual FinTech Summit 2023, Up Banking Co-Founder Dom Pym (pictured), made the confident prediction that Up customer numbers would overtake Commonwealth Bank of Australia in the Youth market (defined as Under 35) in two years’ time.
Pym was one of three fintech legends on the Closing Keynote Panel Session. Also speaking were Cath Whitaker, former CEO of ASX listed Selfwealth, and Ben Thompson, Founder and CEO of Employment Hero, who are moving fast into other areas of fintech following their initial launch phase of payroll and payments.
Pym spoke inspiringly of the Up journey from starting as a supplier to Bendigo Bank in 2011, then partnering to launch Up, then the full acquisition of Up by Bendigo & Adelaide Bank in 2021.
In 2021, shortly after Up grew to 400,000 customers, Up announced the successful merging of its founding partners, with Bendigo & Adelaide Bank acquiring Ferocia (Up’s operating company), including the remaining stake in Up and Ferocia’s IP. Up now operates as an independent arm of Bendigo & Adelaide Bank.
According to Pym, Gen Z and Millennials make up around 80% of Up’s customer base. Pym spoke on the panel about Up’s positioning as ‘not your typical bank’ because of great design/CX/UX, great technology, and an openness to pro-actively communicate and engage with customers. Customer numbers have accelerated after numerous ‘edgy’ campaigns, as well as customers referring their friends to Up – the ‘holy grail’ of marketing as the cost of customer acquisition is almost zero. Up is also known as Up Money or Up Banking.
UP Banking’s customer numbers:
- May 2018 Up started its friends and family beta phase
- November 2018: 30,000 customers
- June 2019: 100,000 customers
- August 2021: 400,000 customers
- October 2023: Up has ‘close to’ 800,000 customers according to Pym
- Pym’s Prediction: By 2025 Up will have more customers in youth category than CBA
Bendigo & Adelaide Bank has 2.4 million customers in total. CBA say they have over 17 million customers (CBA CEO statement at CBA AGM on 11/10/23)
The 10th Annual FinTech Summit 2023 was held in Sydney on 12th October. Partners at the event included Australian FinTech, global Tier 1 law firm, Ashurst; IT platform for asset finance NETSOL Technologies; data aggregators and open banking experts, Envestnet Yodlee, and Investment NSW, part of the NSW Government; Investment NSW sponsored a FinTech Trade delegation from India to attend the FinTech Summit.