Australia’s Alex Bank raising $20m

The bank’s lending strategy focuses on the consumer finance market.

Australia’s newest digital-only bank Alex Bank is raising $20m for its growth plans, the bank announced in a press release.

The bank is issuing ordinary equity that values the company at $130m.

Alex Bank shared that it has successfully raised over $70m to date, including $20m in 2022.

The bank adapts a lending strategy focused on the consumer finance market, which has an estimated market size of $142b in lending assets and $25b of new customer value in the next twelve months. 

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In its product pipeline, Alex Bank is also looking to provide retail customers with additional products, including mortgages and services aimed at small businesses.

"We're excited to announce the start of our next raise, which will enable us to continue to support our  customers and accelerate our expansion in the Australian market," said Simon Beitz, CEO of Alex Bank.  "We're confident that this raise will allow us to build on the strong momentum we've already achieved and  unlock growth potential." 

"With this latest raise, we will be able to continue to grow and innovate, and we look forward to working with  our investors to achieve our goals," Beitz added.