Australia’s new challenger bank Infinity set for a H1 2020 launch

DayTek Capital is set to launch its challenger bank services in Australia during the first half of 2020, with the goal of becoming the first “product-disruptive” bank in the country.

Infinity will launch with a prepaid card, with the company working towards its restricted authorised deposit-taking institution licence. It expects to complete the process later next year.

The challenger bank has received support from Australia’s federal government and the Trade & Investment Queensland, which is the Queensland government’s business promotion agency, is also helping the business.

Created by experienced London banker Will Banks and specialist finance, banking and property lawyer Krish Gosai. The pair are hoping to establish a unique digital bank which will disrupt incumbent banks, including other neobanks. To do this, it is offering alternative banking products tailored to its customers’ financial situations and needs.

Infinity is offering products and services to retail and SME customers which adapt to their expectations and needs, it claims.

Infinity CCO Krish Gosai said, “We are building a bank to rival the old and outdated model of banking. We will unite exceptional and progressive technology with pioneering artificial intelligence. This will truly be a different bank to what Australian consumers have seen to date and will offer Australians and Queenslanders a home-grown bank that provides a real alternative to the status quo.”

The market has been awash with challenger banks launching in the market. Last week, HMBradley revealed it is looking to launch its digital bank into the US over the coming months.

Australia has been busy with challenger banks. Earlier in the year, 86 400 received its banking license.

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