Introducing Alex, Australia’s newest bank

12 July 2021

Making banking faster, simpler, fairer and more human – that’s the mantra that underpins Australia’s newest bank, Alex, set to transform the banking experience in our country.

Founded in 2018, Alex is one of the country’s brightest banking prospects, and has already approved more than $8 million in personal loans and received six major awards1 for its unsecured personal loan from Finder, Canstar, Mozo, RateCity and Money Magazine, which this month named it ‘Non-Bank – Personal Lender of the Year’.

With more than 500 high value customers already and a 100 per cent recommendation rate2, the Australian Prudential Regulation Authority (APRA) has just approved a restricted banking licence that will allow Alex to conduct limited banking activities. Alex’s high interest savings account will be the next product launched upon receipt of appropriate approvals from APRA in addition to offering personal loans and developing other lending products.

It is a positive move for Australians seeking better options for credit, including fast, competitive and no fuss, loans with no upfront or ongoing fees3.

Alex CEO Simon Beitz, a long-time banking professional, said Alex aimed to help customers get more of what they wanted, on fairer terms.

“Alex is a fresh 100% digital bank that we’re building from the ground up based on what customers have told us they want fast, simple, fairer and more human banking products and services,” he said.

“People often ask about our name, which was chosen to help put more humanity back into banking. Neither male or female, Alex is a diverse, empathetic team whose aim is to make you feel understood and appreciated, a team that gets you.

“One of Alex’s core principles is to make banking fairer. This includes giving customers the fairest interest rate possible across both savings and lending products, without hidden fees and nasty surprises,” said Beitz.

“We do this by using technology that is fast and minimises friction and unnecessary risk. We will provide some of the best products and interest rates in the market, without compromising customer service and still deliver a fair result to investors.”

Alex’s low fees are achieved by being 100 per cent digital, so the savings from not having branches and such are passed onto customers.

Alex has simplified applying for a loan by being the first lender to use biometrics to identify customers. By using a driver’s license and a selfie, verification Is done quickly, safely and securely.

Beitz said Alex’s aim is to help Australians use credit in smarter ways to get the things they want. Mortgage offsets and credit cards are routinely used without people realising they are paying far more interest than they would with a fixed term, unsecured personal loan.

For example, a $30,000 car funded through a 25-year mortgage at 2.5% p.a. could cost three  times more in interest than an Alex unsecured personal loan at 5.45% p.a. over a fixed 3-year term (comparison rate 5.45%)4.

“By folding expenses into mortgages, Australians aren’t getting the best out of the banks – there are fairer, more affordable ways to buy big ticket Items like renovations, cars and holidays,” Beitz said.

“At Alex we’re about transparency and helping our customers get a good deal on credit that works for them.”

Alex is the brainchild of Beitz and Craig Fenwick, both ex-Suncorp banking professionals, and is guided by a heavy hitting board and senior leadership team, bringing together a blend of extensive banking and technology experience and customer service excellence.

About Alex

Alex was founded in 2018 by seasoned industry professionals Simon Beitz and Craig Fenwick with a mission to revolutionise banking in Australia by focusing on what matters to customers – speed, simplicity, fairness and a more human approach to banking products and services. Its team of energetic bankers include a board of diverse and experienced corporate professionals and its shareholders are some of Australia’s most respected private and corporate investors.

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  1. Alex’s initial personal loan product has secured the Finder Finalist Award for Risk-Based Unsecured Personal Loans (twice), Canstar 5-Star Rating 2020 Award for the Excellent Credit Unsecured Personal Loan, Mozo Expert’s Choice Award for Best New Personal Loan, RateCity’s Gold Award for Excellent Credit Personal Loan and Money Magazine’s Non-Bank – Personal Lender of the Year in 2021.
  2. Based on Alex April 2021 Customer Satisfaction Survey
  3. Alex’s standard establishment fee of $295 will be waived for all applications fully submitted between 26 February 2021 and 11 August 2021. This offer is not transferable and subject to our assessment and suitability.
  4. Interest cost comparison based on a $30,000 mortgage extension at 2.5% p.a over a 25 year term versus an unsecured personal loan at 5.45% p.a over a fixed 3 year term, excluding additional fees and costs. Warning: this comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and costs savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.