The writing's been on the wall for Australian neobanks for several years. 86400 got bought for its tech, Xinja went bust, Up is mostly a front end for Adelaide / Bendigo bank, a bunch of smaller players blew up on the launchpad. The only real way to make money in banking is through lending. If you're a massive player you can make money offering transaction accounts but only if you're the holder of the bulk of your customers funds. The players that might make it through the next couple of years offer lending on their own balance sheet (banks, lenders like SocietyOne), lenders who sell qualified leads to banks who lend on their balance sheet, and possibly one or two BNPL players if they don't get regulated out of existence.
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