Australian business banking challenger Gallantree adds crypto function
Gallantree, a Brisbane-based fintech trying to bring private banking and stockbroking to more than just the 1%, has partnered with digital currency exchange Elbaite.
The start-up already offers businesses property development funding, debt financing, and fund management.
Now it intends to build out a function where business clients can buy, sell and hold digital assets. This will be part of their wider portfolio.
Elbaite allows users to sell your digital asset holdings for free – something Gallantree highlights is not a given in the digital exchange market.
Its “letter of intent” with Elbaite is designed to focus on security, whilst keeping transaction costs low.
The digital challenger is currently in the process of applying for a banking licence from the Australian Prudential Regulation Authority (APRA).
Its products target entrepreneurs, family offices, and high-net-worth individuals across the mid-market.
Clive Kay, founder of Alliant Perpetual – a New Zealand-based building society – heads up the venture. Alongside Brett Hales, founder of payments firm Tappr, and Steve Toomey, a former Morgan Stanley executive.
Other business banking challengers such as Judo Bank tap the mass-business market, rather than purely targeting the “mid-market”.