New Australian challenger bank DayTek Capital granted initial licence
DayTek Capital, Australia’s newest neobank, has been awarded an Australian Financial Services Licence (AFSL) from the Australian Securities and Investments Commission.
The new fintech joins the ranks of 86 400, Xinja, Judo Bank and Volt, which have all disrupted Australia’s banking landscape since their respective launches in 2017.
DayTek Capital’s fresh licence will enable it to begin offering its prepaid ‘Infinity’ card to its customers.
The fintech is already working toward securing its Restricted Authorised Deposit Taking Institution Licence (RADI), which will see all deposits protected up to $250,000 under the Australian Financial Compensation Scheme.
Fellow challenger Volt Bank was the first neobank to be awarded a RADI back in 2018.
Krish Gosai, co-founder and chief commercial officer of DayTek Capital, said: “Being granted this licence is an incredible achievement, especially during a time where licences are difficult to come by.”
“We are extremely excited to now be regulated and have the appropriate authorisations to move forward with our plans and deliver Infinity to consumers across Australia.”
Both co-founders, Gosai and Banks, gave up their day jobs 12 months ago to focus full-time on the bank, with Banks even emigrating from the UK to turn his full attention to the venture.
Founded in Queensland earlier this year, DayTek Capital hopes to use analytics and AI to improve customers’ financial health and build a better financial profile.
Will Banks, co-founder and CEO, said: “As a product disruptive bank, we will cover a range of markets, where we will offer dynamically structured and intimate banking products, personalised through the real-time synchronisation of every customer’s changing financial position.”
“An AI marketplace will also be offered where our SME and retail customers can interact with each other. This will all be underpinned by a unique and state of the art AI-driven technology stack, provided by global technology partners.”
DayTek Capital is supported by the Australian Federal government and other Queensland State bodies.