Australian neo bank Xinja Bank has opened up its Series D round with to “sophisticated” or “wholesale” investors.
The bank is currently crowdfunding on the Equitise platform and is looking to raise a total of $50m. There are 13 more days left in the sale, at the time of writing, and Xinja is offering 17.5% of its equity to investors.
Its Series D round is around 40% complete, with $20m already secured, the startup claims.
To qualify, an investor needs: a gross income of $250,000 or more per annum in each of the previous two years, or have net assets of $2.5m, or invest in excess of $500,000, or hold an AFSL or hold more than $10m in assets.
There is a minimum investment of $20,400 for 5,000 shares at $4.08 apiece.
This capital is being raised to help with the lending side of the business and for regulatory needs.
Xinja Bank founder and chief executive Eric Wilson said, “We would like to have done another equity crowdfund to open this to all our customers. However, equity crowdfunding regulation prevents us from doing that.”
“As part of our recent submission to the Australian Senate Select Committee on Financial Technology and Regulatory Technology, we recommended that this restriction be lifted.”
In September Xinja Bank got its full Australian banking licence from the Australian Prudential Regulation Authority (APRA). The neo bank comes after the Australian government released a new licence to make it easier for banks to startup in the country.
The FinTech raised $6m in its Series B-C bridge round and then a $27m Series C.
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