| Alex Bank | |
| Industry: | Banking |
| Predecessors: | --> |
| Founded: | in Brisbane, Australia |
| Founder: | Simon Beitz and Craig Fenwick |
| Successors: | --> |
| Hq Location City: | Brisbane, Queensland |
| Hq Location Country: | Australia |
| Areas Served: | --> |
| Owners: | --> |
Alex Bank is an Australian digital bank.[1] [2] It is based in Brisbane, Queensland.[3]
The company was founded in 2018 by Simon Beitz and Craig Fenwick.[4] It was granted a restricted authorised deposit-taking institution licence by the Australian Prudential Regulation Authority in July 2021.[5] In December 2022 the Australian Prudential Regulation Authority announced that it had granted the Bank its full authorised deposit-taking licence.[6]
Alex Bank was established in 2018 by two ex-Suncorp executives, Simon Beitz and Craig Fenwick. At its founding, Beitz was named Chief executive officer and Fenwick Chief financial officer. The bank initially targeted 18-to-30 year-olds in the autumn of 2020, with the idea that they are more comfortable with the idea of a fully-digital bank.
The company launched its banking services late in 2020 after a trial period in 2019.[7] In July 2021, Alex Bank was granted a restricted authorised deposit-taking institution licence by the Australian Prudential Regulation Authority. The licence permitted the company to take deposits of up to $250,000 AUD from public borrowers,[8] but placed limitations on the range of products and services it could offer. Alex Bank was one of only two Australian financial institutions to be granted a restricted authorised deposit-taking institution licence at the time.
The bank had raised approximately $55 million AUD in capital as of September 2021, chiefly from private (mostly Australian) investors.[9]
In December 2022 the Australian Prudential Regulation Authority announced that it had granted Alex Bank its authorised deposit-taking licence.
In July 2023 Alex Bank CEO Simon Beitz stated that long term Alex Bank would find its way onto the Australian Securities Exchange[10]
The bank provides short term personal loans to individual borrowers.[11] The company differentiated itself from other banks by waiving establishment fees, ongoing fees, payout penalties or extra-repayment fees on its loans.