Australian Neobanks and Fintechs: Where Are They Now?

3 Aug 2022 by Scott Middleton

Almost 3 years ago to the day we analysed the public tech stacks of 9 neobank startups and consumer facing fintechs. Given a few recent announcements and market sentiment, I wanted to see how everything is going.

In the original analysis we covered Afterpay, Zip, Judo Bank, Xinja, Volt Bank, 86 400 and Propsa. I’ve added a few others to this to give a wider view of the current direction. 

86 4002017Bank$34m85,000Acquired $220m
Athena2017Home Loans$200m+Ongoing
Judo Bank2016SME Bank$1.8bn$89mListed
Prospa2012SME Loans$96m$110m13,200+Listed
Up Bank2018Bank400,000Acquired?
Volt Bank2017Bank$90m+6,000Shut June 22
Xinja2017Bank~$98.4mShut Dec 21

A few unrefined observations:

  1. The neobanks going for standard bank accounts haven’t been able to stand independently, either shutting down or being acquired. Up Bank is probably the exception to the rule in some ways.
  2. In comparison to the banks, the lenders (e.g. Afterpay, Judo, Prospa) seem to be more viable (I say seem because of the difficulties Buy-Now-Pay-Later is seeing now and the current macro conditions may affect the success to date). 
  3. The investment focused fintechs seem a bit earlier in their wave. 

Some notes on the analysis:

  1. It’s by no means an exhaustive list.
  2. The funding amounts may differ as the sources are a mix of AUD and USD.

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Scott Middleton
CEO & Founder

Scott has been involved in the launch and growth of 61+ products and has published over 120 articles and videos that have been viewed over 120,000 times. Terem’s product development and strategy arm, builds and takes clients tech products to market, while the joint venture arm focuses on building tech spinouts in partnership with market leaders.

Twitter: @scottmiddleton

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