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{{Short description|Australian fintech company and former bank}}
{{Use dmy dates|date=May 2014}}
{{Use Australian English|date=May 2014}}
{{Infobox company
|name           = Xinja Bank Limited
| traded_as     = Xinja
|location       = [[King Street, Sydney|77 King Street, Sydney]]
|key_people     = {{unbulleted list|Eric Wilson ([[CEO]])}}
|industry       = {{unbulleted list|[[Banking]]|[[Financial services|Finance]]|[[Fintech]]}}
|homepage       ={{url|https://www.xinja.com.au/}}
}}
'''Xinja''' is an Australian [[Financial technology|fintech]] company and former [[bank]]. Xinja was granted a full banking license by the [[Australian Prudential Regulation Authority]] in 2019.<ref>{{cite web |title=APRA grants new authorised deposit-taking institution licence to Xinja Bank |url=https://www.apra.gov.au/news-and-publications/apra-grants-new-authorised-deposit-taking-institution-licence-to-xinja-bank |website=APRA |access-date=9 September 2019}}</ref> Xinja Bank was the second Australian [[neobank]] to be made an [[authorised deposit-taking institution]].<ref>{{cite web |last1=Tesfaye |first1=Mekebeb |title=Xinja is now the second neobank to receive a Restricted ADI license |url=https://www.businessinsider.com/neobank-xinja-secures-bank-license-2018-12/?IR=T |website=Business Insider|access-date=31 December 2018}}</ref> The company exited banking in December 2020 and returned to business in fintech.
==History==
Xinja was founded in 2017 by CEO Eric Wilson. The business began in [[fintech]], offering products like prepaid cards and a money management app. In 2018, Xinja raised money via crowdfunding to develop its [[neobank]]ing facilities.<ref>{{cite web |last1=Main |first1=Liz |title=Xinja: Meet Australia's first crowdfunded bank |url=https://www.afr.com/business/banking-and-finance/xinja-meet-australias-first-crowdfunded-bank-20181218-h198lp |website=Australian Financial Review|access-date=31 December 2018}}</ref> On 9 September 2019, Xinja was granted a banking licence by the [[Australian Prudential Regulation Authority]]. On 15 January 2020, Xinja Bank launched transaction and savings accounts using the BSB 775-775. In March 2020, the [[Dubai]]-based World Investments agreed to make a A$433,000,000 investment in Xinja Bank. Complications caused by the [[COVID-19 pandemic]] ultimately obstructed the Emirati investment and undermined Xinja Bank.<ref>{{Cite web|url=https://www.afr.com/companies/financial-services/the-sheikhs-behind-the-dubai-xinja-bank-plunge-20200403-p54go2|title=The Sheikhs behind the Dubai Xinja Bank plunge|last=Eyers|first=James|website=The Australian Financial Review|language=en|access-date=2020-04-16}}</ref> In December 2020, Xinja announced that it would return its banking licence and return all deposits, ceasing to operate as a bank in Australia, though continuing its fintech business.<ref>{{Cite web |title=Neobank Xinja to hand back banking licence, will no longer offer bank accounts |url=https://www.savings.com.au/news/xinja-to-no-longer-offer-savings-and-transaction-accounts |access-date=2023-11-23 |website=Savings.com.au |language=en}}</ref>
==See also==
{{Portal|Australia|Banks|Companies}}
* [[Banking in Australia]]
* [[List of banks]]
* [[List of banks in Australia]]
* [[List of banks in Oceania]]
==References==
{{Reflist}}
[[Category:2017 establishments in Australia]]
[[Category:Banks established in 2017]]
[[Category:Banks of Australia]]
[[Category:Neobanks]]
[[Category:Defunct banks of Australia]]
{{Banking Industry in Australia}}