Xinja surpasses crowdfunding goal pulling in up to AUS $778k

Australia-based digital bank Xinja has surpassed its initial AUS $500,000 ($398,020) crowdfunding target within just four days since it launched.

So far, the company has pulled in up to AUS $778,000 ($619,319) during the campaign, and is raising the funds with a pre-money valuation of AUD $40m ($31m).

The crowdfund is live for another 74 days, or until it hits its AUS $3m hard cap. Xinja offered a minimum equity of 1.2 per cent, but the maximum equity the company will sell during the sale is 7 per cent.

The minimum investment in to crowdsale, which is being held on the Equitise platform, is AUS $250 ($199). Proceeds from the sale will be used to support the product launch, by acquiring and developing its banking technology and AI capabilities.

Xinja is an independent digital bank app, which offers Australians the ability for money and banking management. The mobile-based platform helps consumers to track spending, and improve savings.

Through the solution, users are able to save money or pay a bill with a single button, set up an account without paperwork and receive 24/7 support.

Xinja chief executive Eric Wilson said, ?The Xinjas who make up our pre-launch customer base have already told us loud and clear that they want to be involved from the very start. They are ready for a new banking experience and know like we do that it will be a thrilling and challenging journey.p>

Last week, Australia-based services marketplace CanYaCoin closed its ICO on AUD $12m. The blockchain-powered company is looking to launch its platform in March and will then focus on offering new features.

Copyright ? 2018 FinTech Global

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