Hay joins Aussie neobank revolution

via Finextra

Say hello to Hay, the latest app-based account to join the ranks of aspirant neobanks in Australia.Open for applications today, Hay offers a digital transaction account packed with a range of personal financial management and smart budgeting tools and fee-free foreign exchange rates via the Hay Visa card.

Hay uses the New Payments Platform (NPP) for instant transfer in and out with real-time push notifications and a detailed spending tab including merchant names, logos, location on maps and category.

When overseas, the Hay app automatically switches to travel mode and displays balances in the Aussie dollar as well as the local currency. 

The startup has received an Australian Financial Services Licence (AFSL) and has lodged an application with Apra for a Restricted Authorised Deposit-taking Institution banking licence.

Hay joins a long line of aspirant neobanks such as Xinja, 86 400 and Volt Bank, in using app-based money management tools to take on the might of Australia’s Big Four incumbent banks.

Hay has opened a waitlist ahead of its forthcoming go-live, with the first 10,000 users elevated to the status of ‘Founders’ and the promise of unique benefits for the life of the account including early access to all feature releases and a limited-edition founding members card. 

A former hedge fund manager at Mashall Wace, Hay CEO Andrew Laycock says: “It is such an exciting time for fintechs in Australia; we are experiencing a revolution in banking services across the globe and it is now Australia’s turn. We’ve been testing for several months now and when we open our digital account to our Founders and the public in the coming weeks we are confident that our users will love Hay from day one.”