By Aisling Finn on Monday 28 September 2020
Alex is looking to raise A$10m at a valuation of around A$50m.
Newest Australian digital banking challenger on the block Alex is looking to raise around A$10m (~£5.5m) in a Series B funding round, as first reported by the Australian Financial Review.
Alex’s team of executives have been pitching its Series B to several family firms and retail investors over the past few weeks in the hopes of getting a nibble to get the ball rolling.
The digital bank is on a “mission to make managing money simple and easy,” by making its services easy to use and access and offering no hidden fees or conditions for its accounts.
Alex is currently not regulated by the Australian Prudential Regulation Authority (APRA) but hopes that with this fresh funding it will be able to receive its restricted licence in early 2021 and receive its full licence later on next year.
Just like most other digital banks, Alex is looking to target the 18-35 age bracket with its easy-to-use and transparent account, with potential to later focus on onboarding tech savvy 35-50 year olds.
The fintech’s founders CEO Simon Beitz and CFO Craig Fenwick are reportedly looking to close the Series B round later on this week.
Alex has raised A$15m (~£8.2m) to date, from Australian funds Alium Capital and Alvia Asset Partners and the fintech also counts Judo Bank co-founder Alex Twigg as an advisor.