In the space of just two months, the ranks of Australian consumer neobanks has halved from four to two, although the respective pathways could not be more different.NAB announced today the acquisition of Cuscal-owned & backed, 86 400 in a deal worth $220m.This marks a fantastic return for Robert Bell & his team who have ploughed a successful furrow into mortgage-lending, as well as offering a cool banking-app experience with solidly performing tech.Volt is now standing proud as the sole remaining independent neobank and UP continues to perform well.https://www.itnews.com.au/news/nab-to-buy-out-neobank-86-400-560381
Despite Covid-related woes affecting all of us in 2020, the FinTech industry has shown remarkable resilience.Boosted by e-commerce, online or app-based banking, and increased attention on saving & investing, many FinTech apps, in particular, have gone from strength to strength.Here are five (plus a couple of bonus apps) that have fared well at sea in 2020, plus a retrospective look at the 2019 list.https://superfitdad.medium.com/the-top-5-finance-apps-you-need-on-your-phone-in-2020-ef86e691c202
App-based digital banks, known as neobanks, emerged in Australia in 2018. Major players include Judo Bank, 86 400, Up Bank and Volt.Neobanks that have been able to become profitable have focused on both sides of the balance sheet – growing customers and loan books simultaneously.Neobank Xinja has exited banking in Australia to focus on its US share trading platform.Xinja was marketed to Millennials, offering high interest deposit accounts and glow-in-the-dark bank cards but has been unable to launch loan products to offset the cash burn.https://www.smh.com.au/business/banking-and-finance/neobank-xinja-to-close-accounts-return-banking-licence-20201216-p56nw3.html
