Aspiring digital bank Xinja is taking a second bite at equity crowdfunding

• Xinja, which is building a neobank, aims to raise up to $5 million in a second equity crowdfunding campaign.

• The aspiring digital bank raised $2.4 million when it launched Australia's first equity crowdfund early this year.

• Now it is offering shares at $2.04 each and a minimum investment of $255 through crowdfunding platform Equitise.

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Fintech startup Xinja, Australia’s first equity crowdfunding offer, is launching a second round to raise funds to build a digital bank.

The company aims to raise up to $5 million with shares valued at $2.04 each and a minimum investment of $255 through crowdfunding platform Equitise.

Round one saw $2.44 million raised at $1.25 a share from 1222 investors. The average investment was $1876.54.

“We are very keen for smaller investors to own a piece of the action,” says Xinja co-founder and chief executive Eric Wilson.

“We want them to be in this from the ground up. We want their feedback and input. We want people to be involved.”

More than 22,000 people have signed up for Xinja's app and tap-and-go prepaid card.

Neobanks have grown swiftly in Europe, the US and the UK.

"​It's time Australians had access to a new kind of bank. One that serves their interests,​" says Wilson.

In Australia regulatory changes have opened the pathway for new independent players. Xinja is one of many applying for a restricted banking licence.

Volt bank limited was granted the first restricted authorised deposit-taking institution licence by APRA (Australian Prudential Regulation Authority).

Other licences are expected to be issued in the next few months.