Bene working up to be a challenger bank in Australia

April 03, 2019 at 11:11AM

Bene is a new lender in Australia that is working towards building a neo-bank.

“driven by smart, simple design”

At the moment, Bene says it is not a bank or an authorised deposit-taking institution (ADI), and is not authorised by the Australian Prudential Regulation Authority (APRA) to conduct banking business in Australia.

However, the firm intends to apply for authorisation to conduct banking business in Australia, initially for a limited period with specific requirements and restrictions as a restricted ADI.

The firm says it is “driven by smart, simple design” on its mobile platform.

According to its site, Bene offers loans from AU$2,000 to AU$30,000.

The firm was founded by Craig Fenwick, CFO and Simon Beitz, CEO. Prior to Bene, both cofounders spent more than ten years working for Suncorp, an Australian financial institution.

For a comprehensive list of all challenger banks in Australia, check out this link!

via FinTech Futures

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