Australian challenger Infinity set for 2020 launch
Australian firm DayTek Capital is set to launch challenger bank Infinity in the country by mid-2020, claiming that it will be the first “product disruptive” bank of its kind.
Led by DayTek Capital chief executive Will Banks, and chief commercial officer Krish Gosai, the Queensland-based bank will offer “unique products and services” to both retail and business customers. Initially starting with a prepaid card, the business is aiming for a full licence by the end of the year.
“We are building a bank to rival the old and outdated model of banking,” says Gosai. “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.”
At last count Australia has 14 challenger banks plying their trade and attempting to disrupt the status quo. FinTech Futures has a list of them.
Banks adds: “We are creating a revolutionary and unique Australian digital bank. As a low-cost bank, our mission is to disrupt incumbent banks, including other new neobanks, by offering unique and alternative banking products that are tailored to our customer’s financial situation and interests.”
DayTek Capital has support from Trade & Investment Queensland, the Queensland Government’s dedicated global business promotion agency.