# Alex Bank > Mediated Wiki article. Canonical URL: https://mediated.wiki/source/Alex_Bank > Markdown URL: https://mediated.wiki/source/Alex_Bank.md > Source: https://en.wikipedia.org/wiki/Alex_Bank > Source revision: 1354794583 > License: Creative Commons Attribution-ShareAlike 4.0 International (https://creativecommons.org/licenses/by-sa/4.0/) New Australian digital bank Alex Bank Industry Banking Founded July 2018; 7 years ago (2018-07) in Brisbane, Australia Founder Simon Beitz and Craig Fenwick Headquarters Brisbane, Queensland , Australia Website alex.bank **Alex Bank** is an [Australian](/source/Australia) [digital bank](/source/Neobank).[1][2] It is based in [Brisbane](/source/Brisbane), [Queensland](/source/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](/source/Authorised_deposit-taking_institution#Restricted_ADI) licence by the [Australian Prudential Regulation Authority](/source/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](/source/Authorised_deposit-taking_institution).[7] ## History Alex Bank was established in 2018 by two ex-[Suncorp](/source/Suncorp_Group) executives, Simon Beitz and Craig Fenwick.[5][1] At its founding, Beitz was named [Chief executive officer](/source/Chief_executive_officer)[6] and Fenwick [Chief financial officer](/source/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](/source/Authorised_deposit-taking_institution).[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 - [Australia portal](https://en.wikipedia.org/wiki/Portal:Australia) - [Banks portal](https://en.wikipedia.org/wiki/Portal:Banks) - [Companies portal](https://en.wikipedia.org/wiki/Portal:Companies) - [Banking in Australia](/source/Banking_in_Australia) - [List of banks](/source/List_of_banks) - [List of banks in Australia](/source/List_of_banks_in_Australia) - [List of banks in Oceania](/source/List_of_banks_in_Oceania) ## References 1. ^ [***a***](#cite_ref-Aus21_1-0) [***b***](#cite_ref-Aus21_1-1) [***c***](#cite_ref-Aus21_1-2) Ross, David (5 August 2021). ["Neobank Alex Bank launches cloud system to support cloud banking growth"](https://www.theaustralian.com.au/business/neobank-alex-bank-launches-cloud-system-to-support-cloud-banking-growth/news-story/9e71988c8ca9c016a05425f85582917e). *The Australian*. Retrieved 22 September 2021. 1. **[^](#cite_ref-AFR16_2-0)** MacDonald, Anthony; Redrup, Yolanda (16 August 2021). ["Alex Bank raising $20m as fintech deals heat up"](https://www.afr.com/street-talk/alex-bank-raising-20m-as-fintech-deals-heat-up-20210813-p58im2). *Australian Financial Review*. Retrieved 22 September 2021. 1. ^ [***a***](#cite_ref-CM0921_3-0) [***b***](#cite_ref-CM0921_3-1) [***c***](#cite_ref-CM0921_3-2) Marx, Anthony (20 September 2021). ["Investors have just tipped another $20m into Alex Bank, a fast-growing Brisbane "neobank""](https://www.couriermail.com.au/business/citybeat/investors-have-just-tipped-another-20m-into-alex-bank-a-fastgrowing-brisbane-neobank/news-story/9fcf6599b73042f5814c228483aa396f). *Courier-Mail*. Retrieved 27 October 2021. 1. ^ [***a***](#cite_ref-:1_4-0) [***b***](#cite_ref-:1_4-1) ["Alex Bank"](https://www.alex.bank/). *www.alex.bank*. Retrieved 18 May 2026. 1. ^ [***a***](#cite_ref-AFR2020_5-0) [***b***](#cite_ref-AFR2020_5-1) [***c***](#cite_ref-AFR2020_5-2) Redrup, Yolanda (16 November 2020). ["Suncorp exec-founded neobank Alex banks $10m"](https://www.afr.com/technology/suncorp-exec-founded-neobank-alex-banks-10m-20201109-p56cuc). *Australian Financial Review*. Retrieved 22 September 2021. 1. ^ [***a***](#cite_ref-AFR11_6-0) [***b***](#cite_ref-AFR11_6-1) [***c***](#cite_ref-AFR11_6-2) [***d***](#cite_ref-AFR11_6-3) Frost, James (11 July 2021). ["Alex Bank: 'We are certainly not a neobank'"](https://www.afr.com/companies/financial-services/alex-bank-we-are-certainly-not-a-neobank-20210708-p5884q). *Australian Financial Review*. Retrieved 22 September 2021. 1. ^ [***a***](#cite_ref-:0_7-0) [***b***](#cite_ref-:0_7-1) Moullakis, Joyce (21 December 2022). ["APRA grants Alex Bank full deposit-taking licence, amid turbulent period for digital banks"](https://www.theaustralian.com.au/business/financial-services/apra-grants-alex-bank-full-deposittaking-licence-amid-turbulent-period-for-digital-banks/news-story/4c2dfb0dc6d4a2c872c0dfdedc1ba858). *[The Australian](/source/The_Australian)*. p. 1. Retrieved 17 January 2023. 1. **[^](#cite_ref-8)** Wood, Mike (15 July 2021). ["Meet Alex, Australia's newest digital bank"](https://www.brokernews.com.au/news/breaking-news/meet-alex-australias-newest-digital-bank-277829.aspx). *Australian Broker*. Retrieved 22 September 2021. 1. ^ [***a***](#cite_ref-MB_9-0) [***b***](#cite_ref-MB_9-1) Santhebennur, Malavika (8 July 2021). ["Digital lender issued restricted ADI licence"](https://web.archive.org/web/20211021114134/https://www.mortgagebusiness.com.au/breaking-news/15816-apra-issues-second-restricted-adi-licence). *Mortgage Business (Australia)*. Archived from [the original](https://www.mortgagebusiness.com.au/breaking-news/15816-apra-issues-second-restricted-adi-licence) on 21 October 2021. Retrieved 22 September 2021. 1. **[^](#cite_ref-BankDay_10-0)** Lekakis, George (8 July 2021). ["Alex Bank takes stage"](https://www.bankingday.com/alex-bank-takes-stage). *Banking Day*. Retrieved 22 September 2021. 1. **[^](#cite_ref-11)** O'Sullivan, Harry (17 May 2023). ["Neobank Alex adds term deposits after being granted ADI"](https://www.savings.com.au/news/alex-bank-td). *Savings.com.au*. Retrieved 18 May 2026. 1. **[^](#cite_ref-12)** ["Australian Digital Bank, Alex Bank Goes Live with Term Deposits on Temenos Banking Cloud"](https://www.temenos.com/press_release/australian-digital-bank-alex-bank-goes-live-with-term-deposits-on-temenos-banking-cloud/). *Temenos*. Retrieved 18 May 2026. 1. ^ [***a***](#cite_ref-:2_13-0) [***b***](#cite_ref-:2_13-1) FinTech, Australian (20 March 2023). ["Alex Bank taps market for $20M to accelerate growth with new ADI status firmly in place"](https://australianfintech.com.au/alex-bank-taps-market-for-20m-to-accelerate-growth-with-new-adi-status-firmly-in-place/). *Australian FinTech*. Retrieved 18 May 2026. 1. ^ [***a***](#cite_ref-:3_14-0) [***b***](#cite_ref-:3_14-1) FinTech, Australian (6 June 2023). ["Alex Bank recognised as Term Deposit Account of the Year at the 2023 WeMoney Banking Awards"](https://australianfintech.com.au/alex-bank-recognised-as-term-deposit-account-of-the-year-at-the-2023-wemoney-banking-awards/). *Australian FinTech*. Retrieved 18 May 2026. 1. **[^](#cite_ref-15)** Baird, Lucas (25 July 2023). ["Alex Bank plots second, late 2023 capital raising"](https://www.afr.com/companies/financial-services/alex-bank-plots-second-late-2023-capital-raising-20230724-p5dqqj). *The Australian Financial Review*. p. 17. Retrieved 26 July 2023. 1. **[^](#cite_ref-16)** ["Alex Bank - Earn Qantas Points"](https://cardsandbanking.qantas.com/partners/alex-bank). *www.cardsandbanking.qantas.com/partners/alex-bank*. Retrieved 18 May 2026. 1. **[^](#cite_ref-17)** FinTech, Australian (31 March 2025). ["Alex Bank officially joins the Reserve Bank of Australia's Reserve Bank Information and Transfer System"](https://australianfintech.com.au/alex-bank-officially-joins-the-reserve-bank-of-australias-reserve-bank-information-and-transfer-system/). *Australian FinTech*. Retrieved 18 May 2026. 1. **[^](#cite_ref-18)** ["Alex Bank"](https://www.alex.bank/term-deposits/). *www.alex.bank*. Retrieved 18 May 2026. 1. **[^](#cite_ref-19)** ["The newcomer named Money's Non-Bank Personal Lender of the Year"](https://www.moneymag.com.au/cfa-21-alex-named-money-non-bank-personal-lender-of-the-year). *Money magazine*. 7 July 2021. Retrieved 18 May 2026. 1. **[^](#cite_ref-20)** ["WeMoney Banking Awards 2023 Winners"](https://www.wemoney.com.au/wemoney-banking-awards-2023-winners). *www.wemoney.com.au*. Retrieved 18 May 2026. 1. **[^](#cite_ref-21)** ["Alex Bank"](https://www.alex.bank/about-alex/our-awards/). *www.alex.bank/about-alex/our-awards/*. Retrieved 18 May 2026. v t e Banking in Australia Central bank Reserve Bank of Australia Local banks Majors (Big Four) ANZ Suncorp Bank Commonwealth Bank Bankwest National Australia Bank UBank 86 400 Westpac Bank of Melbourne BankSA St.George Bank Majors (other) Alex Bank AMP Judo Bank Macquarie Bank Bank of Queensland ME Bank Virgin Money Mystate Auswide Bank Bendigo & Adelaide Bank RACQ Bank Up Member-owned Bank Australia Australian Unity Qudos Bank Bank First BankVic Beyond Bank Cairns Bank Community First Bank Credit Union SA Great Southern Bank Hume Bank IMB Newcastle Greater Mutual Greater Bank Newcastle Permanent P&N Bank People First Bank Heritage Bank People's Choice Police Bank Regional Australia Bank Teachers Mutual Bank Defunct Volt Bank Xinja Foreign banks Arab Bank Bank of China Bank of Beirut Heartland Bank HSBC ING Rabobank Non-bank lenders Aussie Latitude La Trobe Financial Mortgage Choice Pepper Money Zip Co Regulators Australian Securities and Investments Commission Australian Competition & Consumer Commission Australian Prudential Regulation Authority Australian Payments Council Australian Payments Network eftpos BPAY New Payments Platform Four pillars policy Other financial institutions Cuscal Tyro Payments Commissions of inquiry Royal Commission 2017–2019 Category:Banks of Australia Economy of Australia Financial system in Australia List of banks in Australia This article about an Australian corporation or company is a stub. You can help Wikipedia by adding missing information. - [v](https://en.wikipedia.org/wiki/Template:Australia-company-stub) - [t](/source/Template_talk%3AAustralia-company-stub) - [e](https://en.wikipedia.org/wiki/Special:EditPage/Template:Australia-company-stub) --- Adapted from the Wikipedia article [Alex Bank](https://en.wikipedia.org/wiki/Alex_Bank) by Wikipedia contributors ([contributor history](https://en.wikipedia.org/wiki/Alex_Bank?action=history)). Available under [Creative Commons Attribution-ShareAlike 4.0 International](https://creativecommons.org/licenses/by-sa/4.0/). Changes may have been made.