- Raised $7.6 million vs $15 million target;
- Banking licence application currently being processed by APRA
Digital ethical banking startup IBA has successfully raised more than half of its $15 million funding target within weeks of launching on the platform.
The business raised $7.6 million and is on track to meet its full $15 funding goal for this funding round.
The startup business will be Australia’s first Shari’ah-compliant bank, with a fantastic digital ethical proposition for the rest of the population. Customers will be able to select community causes (such as fighting homelessness or investing in dementia research) with the bank making donations on their behalf as they bank.
IBA believe that being a new digital bank isn’t enough – so they have wrapped a great ethical customer proposition around our business that sets them apart from the big banks.
IBA is currently going through the licence application process with APRA, and is hoping to commence operations in 2021 after a period of building out the bank.
IBA is creating Australia’s first digital ethical bank that is totally Shari’ah-compliant. We’ll be Australia’s first Islamic bank servicing the 3% of the population that is Muslim, whilst providing everyone with a fantastic banking experience where people select a community cause (such as buying carbon credits or fighting homelessness), which we donate to on their behalf as they do their day to day banking.
We are currently going through the licensing process with the Australian Prudential Regulatory Authority, having lodged our banking licence application in 2018.