Up Banking

Up is a mobile-only neobank. It offers transaction and savings accounts, the 2Up joint account, and home loans (launched 2022). It targets young urban Australians, and Capital Brief put the average customer age at 27 in 2024. It launched publicly in October 2018 as a joint venture between fintech Ferocia and Bendigo and Adelaide Bank, which bought Ferocia (including its 50% stake in Up) for A$116m in August 2021. Up reached 1 million customers in November 2024, with over A$2bn in deposits and A$1bn in mortgages. It is not an AI company. It earns revenue as a bank, mainly from lending and deposit margins, and technology is part of its product.