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.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now
We welcome comments that add value to the discussion. We attempt to block comments that use offensive language or appear to be spam, and our editors frequently review the comments to ensure they are appropriate. If you see a comment that you believe is inappropriate to the discussion, you can bring it to our attention by using the report abuse links. As the comments are written and submitted by visitors of the The Paypers website, they in no way represent the opinion of The Paypers.