The Neobanks or challenger banks are digital app-based financial institutions providing products and services through the internet or by phone. They compete with major traditional Australian banks such as Westpac, Commonwealth, ANZ and NAB.

86 400 Ltd is one of the first neobanks to receive a full banking licence from APRA (Australian Prudential Regulation Authority). It offers savings and transaction accounts, debit cards and home loans. 86 400 is backed by Cuscal Ltd, an independent payments company.

Judo Bank Pty Ltd is the first Australian neobank for small and medium-sized enterprises (SMEs). With over 250 employees, it offers deposit and lending products for individuals and businesses.

Volt Bank Limited is a retail digital bank headquartered in Sydney. It offers savings accounts through Volt app.

Xinja Bank Ltd was an independent app-based challenger bank for Australians. Eric Wilson is chief executive officer (CEO) and founder of Xinja.

Up (also known as Up Money and Up Banking) is a digital bank headquartered in Melbourne. It was founded in 2018 and today serves over 200,000 customers. Up is a wholly-owned subsidiary of Bendigo and Adelaide Bank Ltd.

Hay, a Sydney based fintech, is still waiting to approve its application for a restricted banking licence.

Updated January 5, 2021