Up passes $1bn in deposits

Ian Rogers

Full ownership of the fintech Ferocia, and thus the Up Bank app, is progressively paying dividends for Bendigo and Adelaide Bank.

Up accounted for more than A$1 billion in deposits for the bank at the end of June, growth of more than 30 per cent over a year.

The bank said Up had more than 550,000 customers, of which 47 per cent “are considered active monthly”.

Up soft launched a home loan product a few weeks ago, and around 10 per cent of the app’s users have “home buyer savings identified”.

Up home will leverage the Tic:Toc platform, itself another component of Bendigo’s breakout story.

Bendigo has a 27 per cent stake in Tic:Toc, and attributes close of $2.8 billion in lending to this platform, with settlements in the order of $1.6 billion in the last year.

So swish is the AI in embedded in Tic:Toc, the bank says it needs as little as six minutes in human effort to fulfil loan applications.

The median turnaround time for applications is, inevitably, “less than one day”.