Bank startup Xinja has received an Australian Credit Licence from ASIC and plans to offer home loans in the next few months. The startup is promising approved loans in around 20 minutes through technology.

Xinja said that the licence is a significant step forward as it tries to build Australia’s first independent, 100% digital bank.

The ACL is the first of three licences the company has sought. It has also applied for a financial services licence from ASIC and a banking licence from APRA, to allow it to become a restricted authorised deposit-taking institution.

“Home loans are a key part of our business plan, and this will allow us to launch those on schedule,” said chief executive Eric Wilson.

Xinja has raised more than AU$1.4m to date since launching an equity crowdfunding offer last month.

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