Australian digital lender Xinja Bank said on Tuesday it had secured a A$433 million ($255.04 million) investment from a United Arab Emirates-based investor which it will use to fund its growth over the next two years.
The 'neobank' - a type of bank operating exclusively online without physical branches - said it will receive A$160 million immediately from Dubai's World Investments (WI), with the remaining amount available in tranches over the next 24 months.
Launched in May, 2017, Xinja Bank now has more than 45,000 accounts and more than $450 million in deposits, and plans to launch personal and home loans later this year.
"We think this is the largest single investment in an Australian neobank or start-up and... positions Xinja Bank as a frontrunner in the Australian neobank market," the company's founder and chief executive Eric Wilson said.
(Reporting by Rashmi Ashok in Bengaluru; Editing by Kim Coghill)
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