Xinja scores USD 433 million from World Investments

Tuesday 24 March 2020 10:36 CET | News

UAE-based World Investments has announced investing USD 433 million in Australia-based neobank Xinja over the next two years.

Pending relevant approvals, Xinja will have access to USD 160 million immediately, with the remaining USD 273 million available in multiple tranches as needed to fuel and cope with growth over the next 24 months - including a planned entry into the home loan and personal loan market later this year.

The cloud-native bank has experienced a surge in customers since gaining an unrestricted banking license in September 2019, and in March 2020 counted 25,000 customers and a total of USD 70 million in private investments.

The neobank began seeking out “sophisticated investors” as part of its Series D capital raise earlier this month as a flurry of customers dumped USD 300 million into its freshly-minted ‘Stash’ savings account with a 2.25% interest rate.

More: Link

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Keywords: Xinja Bank, Xinja, World Investments, Series D, funding round, online banking, neobank, challenger bank, Australia, United Arab Emirates, MENA
Categories: Banking & Fintech
Countries: Australia
This article is part of category

Banking & Fintech