APRA’s decision on 25 May to grant a full banking licence to In1Bank Limited helped to unlock around A$24 million of fresh capital for the fledgling Sydney-based bank. Documents filed with the Australian Securities and Investments Commission show that the paid-up capital base of In1Bank almost doubled on 30 May as conditional investments in the company were released from escrow. Before APRA awarded the licence, In1Bank had total capital of around $24 million.

However, disclosures filed to ASIC in the last week show that In1Bank had substantial commitments from investors that hung on APRA’s decision to issue the full licence. The positive regulatory announcement triggered the release of an additional $23 million, which means the bank has now issued a total of 252,874 shares with a paid up value of more than $47 million. Investors paid an average of $219.71 for ordinary shares issued in late May. ASIC filings earlier this year indicated that investors had been paying as much as $300 for each share in the company. The identity of new shareholders on the bank’s register was not disclosed in the ASIC filings. Official data published by APRA indicates that In1Bank, which has held a restricted banking licence since December 2019, has not yet raised any deposits or made any loans. Banking Day has sought comment from In1Bank about its strategic roadmap.