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The latest digital bank startup, Up, has avoided the lengthy process of applying for a banking license by partnering with Bendigo and Adelaide Bank as it launches via a smartphone app.
Up , which joins other Australian digital bank startups Volt and Xinja, has been created by South-Melbourne based technology developer, Ferocia.
Australia finally has its first live digital bank, with Up — founded by Dom Pym and former St Kilda Saints AFL coach Grant ‘Thomo’ Thomas — appearing as if from nowhere.
The launch follows a two-month trial that saw 1,500 customers complete more than $2.2 million in transactions. The cloud-hosted bank allows users to track spending, including showing location and merchant IDs for transactions.