Alex Bank
IndustryBanking
FoundedJuly 2018; 7 years ago (2018-07) in Brisbane, Australia
FounderSimon Beitz and Craig Fenwick
Headquarters
Brisbane, Queensland
,
Australia
Websitealex.bank

Alex Bank is an Australian digital bank.[1][2] It is based in Brisbane, Queensland.[3] It offers deposit products, including term deposits, and consumer lending products, including personal and vehicle loans.[4]

The company was founded in 2018 by Simon Beitz and Craig Fenwick.[5] It was granted a restricted authorised deposit-taking institution licence by the Australian Prudential Regulation Authority in July 2021.[6] In December 2022 the Australian Prudential Regulation Authority announced that it had granted the Bank its full authorised deposit-taking licence.[7]

History

Alex Bank was established in 2018 by two ex-Suncorp executives, Simon Beitz and Craig Fenwick.[5][1] At its founding, Beitz was named Chief executive officer[6] and Fenwick Chief financial officer.[1] 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.[5]

The company launched its banking services late in 2020 after a trial period in 2019.[8] In July 2021, Alex Bank was granted a restricted authorised deposit-taking institution licence by the Australian Prudential Regulation Authority.[6][3] The licence permitted the company to take deposits of up to $250,000 AUD from public borrowers,[9] but placed limitations on the range of products and services it could offer.[6] Alex Bank was one of only two Australian financial institutions to be granted a restricted authorised deposit-taking institution licence at the time.[9]

The bank had raised approximately $55 million AUD in capital as of September 2021,[3] chiefly from private (mostly Australian) investors.[10]

In December 2022 the Australian Prudential Regulation Authority announced that it had granted Alex Bank its authorised deposit-taking licence.[7]

In 2023, the bank expanded its deposit offering with online term deposits, following its unrestricted ADI licence.[11][12] In March, it began a capital raise targeting A$20 million to fund growth across lending and deposits.[13] It launched term deposits on Temenos Banking Cloud, following a rapid deployment with Temenos.[13]

Alex Bank’s term deposit product received ‘Term Deposit Account of the Year’ and ‘Best for Value Term Deposit’ at the 2023 WeMoney Banking Awards.[14]

In July of 2023, Alex Bank CEO Simon Beitz stated that long term Alex Bank would find its way onto the Australian Securities Exchange.[15]

In 2024, Alex Bank partnered with Qantas Frequent Flyer to offer Qantas Points on eligible term deposits and loan products.[16]

In 2025, Alex Bank joined the Reserve Bank of Australia’s Reserve Bank Information and Transfer System (RITS) as an Exchange Settlement Account (ESA) holder.[17]

Products

Alex Bank offers consumer lending products including personal loans, green loans, car loans, and electric vehicle loans.[4]

It also offers deposit products including term deposits, and a savings account offering that has at times been released on a limited basis.[18]

The company differentiated itself from other banks by waiving establishment fees, ongoing fees, payout penalties or extra-repayment fees on its loans.[19]

Awards

In 2023, Alex Bank's term deposit product was named “Term Deposit Account of the Year” and “Best for Value Term Deposit” at the WeMoney Banking Awards.[20][14]

The bank's products have continued to receive recognition in subsequent years, including additional awards for term deposits and personal lending products.[21]

See also

References

  1. ^ a b c Ross, David (5 August 2021). "Neobank Alex Bank launches cloud system to support cloud banking growth". The Australian. Retrieved 22 September 2021.
  2. ^ MacDonald, Anthony; Redrup, Yolanda (16 August 2021). "Alex Bank raising $20m as fintech deals heat up". Australian Financial Review. Retrieved 22 September 2021.
  3. ^ a b c Marx, Anthony (20 September 2021). "Investors have just tipped another $20m into Alex Bank, a fast-growing Brisbane "neobank"". Courier-Mail. Retrieved 27 October 2021.
  4. ^ a b "Alex Bank". www.alex.bank. Retrieved 18 May 2026.
  5. ^ a b c Redrup, Yolanda (16 November 2020). "Suncorp exec-founded neobank Alex banks $10m". Australian Financial Review. Retrieved 22 September 2021.
  6. ^ a b c d Frost, James (11 July 2021). "Alex Bank: 'We are certainly not a neobank'". Australian Financial Review. Retrieved 22 September 2021.
  7. ^ a b Moullakis, Joyce (21 December 2022). "APRA grants Alex Bank full deposit-taking licence, amid turbulent period for digital banks". The Australian. p. 1. Retrieved 17 January 2023.
  8. ^ Wood, Mike (15 July 2021). "Meet Alex, Australia's newest digital bank". Australian Broker. Retrieved 22 September 2021.
  9. ^ a b Santhebennur, Malavika (8 July 2021). "Digital lender issued restricted ADI licence". Mortgage Business (Australia). Archived from the original on 21 October 2021. Retrieved 22 September 2021.
  10. ^ Lekakis, George (8 July 2021). "Alex Bank takes stage". Banking Day. Retrieved 22 September 2021.
  11. ^ O'Sullivan, Harry (17 May 2023). "Neobank Alex adds term deposits after being granted ADI". Savings.com.au. Retrieved 18 May 2026.
  12. ^ "Australian Digital Bank, Alex Bank Goes Live with Term Deposits on Temenos Banking Cloud". Temenos. Retrieved 18 May 2026.
  13. ^ a b FinTech, Australian (20 March 2023). "Alex Bank taps market for $20M to accelerate growth with new ADI status firmly in place". Australian FinTech. Retrieved 18 May 2026.
  14. ^ a b FinTech, Australian (6 June 2023). "Alex Bank recognised as Term Deposit Account of the Year at the 2023 WeMoney Banking Awards". Australian FinTech. Retrieved 18 May 2026.
  15. ^ Baird, Lucas (25 July 2023). "Alex Bank plots second, late 2023 capital raising". The Australian Financial Review. p. 17. Retrieved 26 July 2023.
  16. ^ "Alex Bank - Earn Qantas Points". www.cardsandbanking.qantas.com/partners/alex-bank. Retrieved 18 May 2026.
  17. ^ FinTech, Australian (31 March 2025). "Alex Bank officially joins the Reserve Bank of Australia's Reserve Bank Information and Transfer System". Australian FinTech. Retrieved 18 May 2026.
  18. ^ "Alex Bank". www.alex.bank. Retrieved 18 May 2026.
  19. ^ "The newcomer named Money's Non-Bank Personal Lender of the Year". Money magazine. 7 July 2021. Retrieved 18 May 2026.
  20. ^ "WeMoney Banking Awards 2023 Winners". www.wemoney.com.au. Retrieved 18 May 2026.
  21. ^ "Alex Bank". www.alex.bank/about-alex/our-awards/. Retrieved 18 May 2026.


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