Alex.Bank receives licence from APRA to become Australia’s newest ADI

By Leandra Monteiro

Alex.Bank has been granted a licence to operate as an Authorised Deposit-taking Institution (ADI) by the Australian Prudential Regulation Authority (APRA). This comes just 18 months after having received its Restricted ADI licence.

CEO 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.”

Beitz added, “We’re excited to expand our suite of products including Term Deposits, adding to our award-winning Personal Loan and Savings Account.”

To support its product and growth strategy, Alex.Bank has had a strong focus on developing its broker partnerships during 2022 and now have access to the majority of brokers in the market.

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% and are grateful to have been recognised as one of Australia’s fastest-growing companies.”

Over the past two years, Alex.Bank has grown from a small start-up into Australia’s newest Bank with offices in Brisbane and Sydney and supporting over 2500 customer accounts. It has a highly credentialed Board and executive team including banking and technology sector veterans with decades of industry experience under their belt.