The steady if small advances by neobanks can be read in the household deposit data of APRA’s monthly statistics on the Australian industry.
Judo Bank clocked in with A$2.16 billion at the end of Mach 2021, and the bank’s household deposit holdings have doubled in a year.
86 400 trails with $442 million in deposits in March, better than double.
Even deposits at volt bank - at $88 million – have doubled over this period.
Between them, the three licenced and trading neobanks hold less than $3 billion in deposits, and the smallest of these banks – volt – is one of the smallest licensed banks in Australia. For now.
Judo Bank holds 70 per cent of this cash and their combined market share is barely more than 0.10 per cent.
Deposits under Bendigo’s Up brand stood at around $700 million at the end of December, the bank said in February.
On the mortgage front, 86 400 had $376 million in home loans at the end of March, and even Judo – a business lender – reported $276 million in mortgages.
Judo Bank’s business lending book at $2.61 billion is plumping up, and now Judo report $510 million in long term borrowings.