Australia’s latest Neobank aspirants taking shape
(12 November 2019 – Australia) Former BNP Paribas Australian Equities founding Managing Director James Tong is the founder and Executive Chairman of neobank In1Bank Limited, the newest applicant to the Australian Prudential Regulatory Authority (APRA) for a restricted banking licence.
The group has taken form after previously being named BDB Corporation but is yet to confirm whether it is targeting retail or business lending services, reporting A$500,000 in reserve capital according to ASIC. Previous BNP Paribas colleagues Alnoor Premji and Franck Demoiseau have also been announced as In1Bank directors linked with the new outfit.
Go Bank is also making strides to launch in the quickly growing SME business lending market as incumbent bank majors find it increasingly difficult to maintain market share, headed up by CreditorWatch founders Colin Porter and Dale Hurley alongside Nightingale Partners.
Separately Tyro has offered its 30,000 merchant customers to pre-register in the group’s upcoming float capped at A$20 million. Fund managers are pricing the IPO at up to eight times revenue, equating to A$1.9 billion based on the group’s A$241 million gross sales forecast for FY 2020. Morgan Stanley analysts valued it at up to A$2.1 billion recently while Australia’s largest equipment finance broking company Consolidated Operations Group is merging with CML Group (Cashflow Finance) valuing the equity of CML at $111 million.