fintech / news / / Australian Financial Review
The neobank’s main selling point is its tech-based agility in comparison to older Big Four banking rivals.
Alex Bank operates entirely on the cloud, unlike major banks using on-premise data centres.
KEY POINTS
- Alex Bank targets a 4% average cost of funds with a 5% lending margin.
- The bank distributes loans primarily through brokers and aggregators covering 80% of the market.
- Alex Bank expects to achieve profitability by December 2023, focusing investor meetings on this milestone.
- Existing investors have shown strong interest in Alex Bank's current funding round despite tougher capital conditions.
COMPANIES
Summarized by Newsio from Australian Financial Review. How we summarize →