App-based digital banks, known as neobanks, emerged in Australia in 2018. Major players include Judo Bank, 86 400, Up Bank and Volt.
Neobanks that have been able to become profitable have focused on both sides of the balance sheet – growing customers and loan books simultaneously.
Neobank Xinja has exited banking in Australia to focus on its US share trading platform.
Xinja was marketed to Millennials, offering high interest deposit accounts and glow-in-the-dark bank cards but has been unable to launch loan products to offset the cash burn.https://www.smh.com.au/business/banking-and-finance/neobank-xinja-to-close-accounts-return-banking-licence-20201216-p56nw3.html