DayTek Capital has set its sights on obtaining a deposit-taking licence, with the program on track to be filed later this season.
Picture resource: DayTek Capital
DayTek Capital, Australia’s latest neobank, has been given an Australian Financial Services Licence (AFSL) in the Australian Securities and Investments Commission.
The brand new fintech joins the positions of 86 400, Xinja, Judo Bank and Volt, that have disrupted Australia’s banking landscape as their respective launches in 2017.
DayTek Capital’s brand new license will let it start offering its prepaid ‘Infinity’ card for its clients.
The fintech is currently working toward procuring its Restricted Authorised Deposit Taking Institution Licence (RADI), that will observe all of deposits protected around $250,000 beneath the Australian Financial Compensation Scheme.
Fellow challenger Volt Bank was the very first neobank to be granted a RADI back in 2018.
Krish Gosai, co-founder and chief commercial officer of DayTek Capital, stated: “Being granted this licence is an incredible achievement, especially during a time where licences are difficult to come by.”
“We are extremely excited to now be regulated and have the appropriate authorisations to move forward with our plans and deliver Infinity to consumers across Australia.”
The two co-founders, Gosai and Banks, gave up their day jobs 12 weeks past to concentrate fulltime on the bank, together with Banks emigrating from the UK to turn his entire attention into the venture.
Launched in Queensland earlier this season, DayTek Capital expects to use analytics and AI to enhance clients’ financial wellbeing and build a greater financial profile.
May , co-founder and CEO, stated: “As a product disruptive bank, we will cover a range of markets, where we will offer dynamically structured and intimate banking products, personalised through the real-time synchronisation of every customer’s changing financial position.”
“An AI marketplace will also be offered where our SME and retail customers can interact with each other. This will all be underpinned by a unique and state of the art AI-driven technology stack, provided by global technology partners.”
DayTek Capital is encouraged by the Australian government as well as other Queensland State bodies.