By Aisling Finn on Wednesday 22 July 2020
The fintech is hoping to gain its banking licence later on this year ahead of a 2021 launch.
Avenue, one of Australia’s newest fintechs, has appointed a CEO and announced the launch of a Series B funding round as it gears up to unveil its bank next year.
Geroge Confos, who has over 30 years' experience in the industry, joins Avenue from the Commonwealth Bank of Australia, where he spent over 21 years and held a series of executive positions, most recently as executive general manager of client solutions.
The Australian neobank, which is aimed at helping SMEs find better cashflow solutions, is also raising an undisclosed amount as part of a Series B funding round managed by KPMG.
Avenue is the brainchild of entrepreneurs, Colin Porter and Dale Hurley, who founded CreditorWatch, a credit reporting bureau that took on the likes of Equifax and Illion.
New CEO Confos said: “It’s time small businesses had access to a new kind of bank which finds more ways for small businesses to access valuable cash-flow.”
“We have fresh ideas to solving an age-old problem SMEs continue to face and I feel energised to be part of an organisation that wants to exceed the current business banking service standards and significantly improve Australian small business lending offerings,” he added.
Avenue has previously raised A$11.4m (£6.4m) and hopes the new funding will help it to develop new products, invest in new technology and increase its employee numbers.
The startup is also hoping that the new appointment and fresh funding will help it gain its Restricted Authorised Deposit-taking Institution licence from the Australian Prudential Regulation Authority (APRA) later this year.
If all goes to plan, Avenue aims to have launched its first products and be fully open for business in late 2021.