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Brokers will now have access to a new bank, as APRA has granted a full banking licence to a neobank.
Alex Bank has been granted a licence to operate as an authorised deposit-taking institution (ADI) by the Australian Prudential Regulation Authority (APRA).
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The bank had received its Restricted ADI (RADI) licence in July 2021 and has now moved to a full licence.
The lender currently offers unsecured personal loans and savings accounts (with secured personal loans and term deposits set to launch in due course).
Alex Bank has had a strong focus on developing its broker partnerships during 2022 and now has access to a large cohort of brokers following a range of aggregator partnerships, including AFG, Loan Market, Fintelligence brokers and Platform Finance.
Speaking of the banking licence, chief executive officer 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.”
He continued: “We’re excited to expand our suite of products including term deposits, adding to our award-winning personal loan and savings account.”
Australia’s newest bank has offices in Brisbane and Sydney and supports over 2,500 customer accounts.
It has been growing its board and executive team and partnership teams recently, including Peter Gibson as its first state manager for broker partnerships, Queensland.
Mr 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 per cent and are grateful to have been recognised as one of Australia’s fastest growing companies.”
[Related: Alex Bank hires state manager to drive broker expansion]
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