Dubai-based World Investments will be investing AUD433 million ($274.94 million) in Australian neobank Xinja Bank.

The financing will be done over a period of 24 months, with an initial investment of AUD160 million ($101.6 million).

In September 2019, the fully digital and mobile bank was granted a full banking licence. Following which, it launched its first app and a prepaid card before initiating transaction accounts and a savings account dubbed Stash, which in less than eight weeks is said to have attracted nearly AUD400 million ($254 million) in deposits.

World Investments, which is said to be an experienced investor in the banking industry across the world, holds substantial equity holdings in banks in Europe, the Middle East, and now in Australia.

Zayed bin Rashid Al Qubaisi – CEO of World Investments said: “We believe Xinja Bank is at the cutting edge of next generation banking in Australia. Its technology, commitment to customers and ethical banking philosophy made it an obvious investment choice for us.”

Launched in May 2017, Xinja Bank currently has 45,000 plus accounts and more than AUD450 million ($285.74 million) in deposits.

Eric Wilson – Founder and CEO of Xinja Bank said: “We are very happy to welcome World Investments as investors in Xinja Bank. WI personifies ‘smart money’. These are investors who bring deep skills and knowledge in banking to help us grow and be successful.”

  Australia, Banking industry news, Dubai, Eric Wilson, UAE, World Investments, Xinja Bank, Zayed bin Rashid Al Qubaisi