Dubai’s World Investments invests A$433 million in Xinja Bank
Emirates’ World Investments (WI) and Xinja Bank announced that WI will invest A$433 million in the Australian neobank over the next 24 months, subject to relevant approvals. WI will invest A$160 million immediately, with the remaining A$273 million available to be drawn down in multiple tranches as Xinja Bank’s growth requires over the next two years.
Xinja Bank, which is 100% digital and built for mobile, was granted a full banking license in September 2019. It launched the first app and a prepaid card before launching transaction accounts and a savings account called Stash, which attracted around A$400 million in deposits in less than eight weeks.
“We are very happy to announce our involvement in Xinja Bank and help it reach even more Australians.” – World Investments Chairman Sheikh Majid Al Nuaimi.
Xinja Bank will launch personal loans and home loans later this year.