Congratulations to Avenue Bank, who were granted a license to operate as a restricted ADI this week, following APRA’s revamp of their restricted authorised deposit-taking institution (ADI) and ADI licensing program.
This revamp included the release of APRA’s updated guide to Licensing for new/intending ADIs including neobanks, digital banks and foreign banks in August.
Avenue Bank is building a digital business bank, focused on next-generation cash flow solutions for Australian small and medium-sized enterprises. The Sydney-based bank plans to offer new ways for SMEs to unlock thousands of dollars from their balance sheets to help grow their businesses.
“We believe we can offer something really unique to small businesses with turnover up to $25 million, providing them with short-term capital finance. We’re passionate about tailoring our offering and providing specialist support to SME’s,” said Steve Kinsella, Chief Financial Officer at Avenue Bank.
“Grant Thornton has been key in supporting us to reach this milestone,” finished Steve Kinsella.
Grant Thornton has extensive experience supporting neobanks and digital banks to obtain their restricted and full ADI operating licenses.
“It’s fantastic to see another digital bank receive their RADI license, and we’re very proud to have supported Avenue along the way,” said Madeleine Mattera, National Head of Financial Services. “Increasing competition and diversification is only going to make our financial services sector stronger.”
APRA releases updated guide to Licensing for new ADI’s
Following on from APRA’s consultation package released on 18 March 2021, which closed on 30 April, APRA has now released an updated guide to Licensing for new/intending ADIs including neobanks, digital banks and foreign banks.