Ex-ANZ CEO-backed fintech to raise $1.5m
Melbourne-based fintech, Youndr Money, which has been backed by former chief officer at ANZ Bank, Mike Smith, is set to raise $1.5 million to fund its expansion as an alternative to mainstream banks.
Smith, who would also sit on the advisory board, said that the firm aimed to improve financial intelligence and outcomes for consumers with the use of artificial intelligence (AI) and other machine learning processes.
The initial offering also included a multi-currency account attached with the option of a physical and virtual VISA cards, aimed at reducing the cost of travel for the approximate 10 million Australians who travelled every year (pre-pandemic).
Founder of Yondr, Shane Chanel, said Australia was years behind other countries when it came to accessing high quality money services.
“In the UK alone there are over 38 neobanks, providing innovative, low cost and customer-first banking solutions at people’s fingertips,” she said.
“With only one in four Australians having heard of neobanks, we have a lot to do in creating awareness that there are better and more efficient alternatives to the way we spend and manage our money.”
Yondr would be focused on giving its customers more control of their finances and providing various tools that could be integrated into their daily lives, helping them to achieve their goals.
Chanel said the firm received encouraging support and commitment from an initial round of capital raising among angel investors.
“We are currently raising via a crowdfunding raise. Given the high level of support we’re getting, we may do another round of capital raising as we ramp up our products and distribution channels,” she added.
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