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fintech / news / / Australian Financial Review

Fintech Alex Bank is poised to close a $20 million Series C capital raise.

Alex Bank is nearing closure of a $20 million Series C capital raise one month after RADI approval.

KEY POINTS
One month after receiving its restricted banking license (RADI), fintech Alex Bank is poised to close a $20 million Series C capital raise. It’s understood that existing investors have taken out a large portion of the raise. Simon Beitz was Suncorp’s innovation head before starting Alex Bank. Attila Csaszar Founded by former Suncorp innovation head Simon Beitz and fellow Suncorp colleague Craig Fenwick in 2018, Alex offers customers personal loans of between $2000 and $30,000 on a risk-adjusted basis for terms ranging from six months to five years. It is poised to launch a deposits product imminently. The latest capital raise comes after the business closed a $10.3 million round in November last year, which saw Alium Capital Management and Brisbane-based Alvia Asset Partners join the capital table. The latest raise, which the company enlisted the help of Clinton Capital Partners to help manage, comes with a pre-money valuation of $100 million.
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