| Alex Bank | |
|---|---|
| Industry | Banking |
| Founded | July 2018 in Brisbane, Australia |
| Founder | Simon Beitz and Craig Fenwick |
| Headquarters | Brisbane, Queensland , Australia |
| Website | alex |
Alex Bank is an Australian digital bank. [1] [2] It is based in Brisbane, Queensland. [3] It offers deposit products, including term deposits, and consumer lending products, including personal and vehicle loans. [4]
The company was founded in 2018 by Simon Beitz and Craig Fenwick. [5] It was granted a restricted authorised deposit-taking institution licence by the Australian Prudential Regulation Authority in July 2021. [6] In December 2022 the Australian Prudential Regulation Authority announced that it had granted the Bank its full authorised deposit-taking licence. [7]
Alex Bank was established in 2018 by two ex-Suncorp executives, Simon Beitz and Craig Fenwick. [5] [1] At its founding, Beitz was named Chief executive officer [6] and Fenwick Chief financial officer. [1] The bank initially targeted 18-to-30 year-olds in the autumn of 2020, with the idea that they are more comfortable with the idea of a fully-digital bank. [5]
The company launched its banking services late in 2020 after a trial period in 2019. [8] In July 2021, Alex Bank was granted a restricted authorised deposit-taking institution licence by the Australian Prudential Regulation Authority. [6] [3] The licence permitted the company to take deposits of up to $250,000 AUD from public borrowers, [9] but placed limitations on the range of products and services it could offer. [6] Alex Bank was one of only two Australian financial institutions to be granted a restricted authorised deposit-taking institution licence at the time. [9]
The bank had raised approximately $55 million AUD in capital as of September 2021, [3] chiefly from private (mostly Australian) investors. [10]
In December 2022 the Australian Prudential Regulation Authority announced that it had granted Alex Bank its authorised deposit-taking licence. [7]
In 2023, the bank expanded its deposit offering with online term deposits, following its unrestricted ADI licence. [11] [12] In March, it began a capital raise targeting A$20 million to fund growth across lending and deposits. [13] It launched term deposits on Temenos Banking Cloud, following a rapid deployment with Temenos. [13]
Alex Bank’s term deposit product received ‘Term Deposit Account of the Year’ and ‘Best for Value Term Deposit’ at the 2023 WeMoney Banking Awards. [14]
In July of 2023, Alex Bank CEO Simon Beitz stated that long term Alex Bank would find its way onto the Australian Securities Exchange. [15]
In 2024, Alex Bank partnered with Qantas Frequent Flyer to offer Qantas Points on eligible term deposits and loan products. [16]
In 2025, Alex Bank joined the Reserve Bank of Australia’s Reserve Bank Information and Transfer System (RITS) as an Exchange Settlement Account (ESA) holder. [17]
Alex Bank offers consumer lending products including personal loans, green loans, car loans, and electric vehicle loans. [4]
It also offers deposit products including term deposits, and a savings account offering that has at times been released on a limited basis. [18]
The company differentiated itself from other banks by waiving establishment fees, ongoing fees, payout penalties or extra-repayment fees on its loans. [19]
In 2023, Alex Bank's term deposit product was named “Term Deposit Account of the Year” and “Best for Value Term Deposit” at the WeMoney Banking Awards. [20] [14]
The bank's products have continued to receive recognition in subsequent years, including additional awards for term deposits and personal lending products. [21]
