Digital bank Alex secures banking licence

A digital bank named Alex is the latest to receive a banking licence from the Australian Prudential Regulation Authority (APRA), allowing it to operate as a restricted authorised deposit-taking institution (ADI).

Co-founded in 2018 by Craig Fenwick and CEO Simon Beitz, the bank has already approved more than $8 million in personal loans and is focused on targeting credit consumers with “fast, competitive and no-fuss loans”.

To date, the company has raised more than $35 million from private investors, including a $10 million Series B completed in late-2020.

Read more: Business News Australia