In this episode, we chat with Michael Fredericks, Founder, and CEO of Fu. Fu is a first of its kind lifestyle management platform allowing millennials to better understand their cashflow needs. Fu has built predictive analysis over the top of its user's data, to assist with their day to day living. Fu also combines BNPL capabilities to various expenses that are required – such as groceries and household bills. Michael talks about why he built Fu, the decline in credit card usage, the need for smaller more customised credit as well as some of Fu’s future ambitions.

Alex was founded by Craig Fenwick and Simon Beitz – both formerly executives at a large Australian bank. Alex has been built around personal loans (ie a credit led offering) which is quite unique in the Australian market place. They intend to add a number of features to their platform over time – using the credit led offering as a base for generating other products and services. Simon talked about their initial capital raise and the use of funds and their plans for the future.

Episode 5 features “Volt” Bank – a pure-play digital bank co-founded by Steve Weston. Volt has a full Authorised Deposit-taking institution (ADI) license and was the first startup to do so. Steve describes some of the features of a digital bank, how Volt is using technology to empower their customers as well as some of their future plans.

Morgans Financial Limited was a Participating Broker in the Volt Corporation Limited unlisted capital raising for wholesale and sophisticated investors and received fees in this regard.

Matt was formerly group CFO of BOQ (ASX:BOQ) before taking up the role as local CEO of Revolut Australia in Feb 2020. Matt talks about why Revolut is entering the Australian market, the competitive landscape within Banking here in Australia as well as some of the technological trends that are being progressed due to social distancing and the impact of COVID-19. Matt also talks about Revolut’s recent raising of $500m USD to expand its global growth.

Douugh is a digital platform allowing integration with existing bank accounts. It then uses artificial intelligence (AI) first approach to help customers live financially healthier. Douugh has deployed its stack with it’s US Banking partner “Choice Bank” and is looking to enter the Australian and Japanese market soon via new partnerships.

Morgans Adviser Chris Titley chats with Rob Bell CEO of 86400. 86400 is a digital bank offering savings and a lending product and has been operating in Australia for nearly 2 years under a full ADI. Rob discusses the idea of a digital bank and how they went about building a digital bank from scratch. He also discusses the name (86400 seconds in a day), the uptake and feedback thus far, as well the features they are continuing to roll out with their users.

Up is a digital bank in partnership with Ferocia and Bendigo Bank (ASX Code:BEN). Up was launched 18 months ago and has now grown to c250,000 users gaining somewhere between 500-1000 new users a day. Up has partnerships with Google Cloud, Mastercard, Afterpay, Transferwise and allows users to open up a fully functional bank account via their mobile phone in less than 3 minutes.