Up Bank
“Can a bank-owned consumer neobank brand grow into a full personal finance OS without giving up the trust and balance-sheet advantages of its parent ADI?”
Founded2018
HQMelbourne, Australia
IndustryFintech / Neobank
The story
Up was founded in 2018 as a mobile-first neobank in Australia, operating as a brand of Bendigo and Adelaide Bank under its existing ADI licence rather than seeking its own — a sponsor-bank model unusual for the AU market. The original Up was built by Ferocia, which Bendigo acquired in 2021, vertically integrating the product into the bank. Since then Up has expanded beyond everyday banking and savings into international transfers (via a Wise integration), Open Banking/CDR data sharing, and home loans (Up Home, with Tiimely as loan-origination service provider).
Last 12 months
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Product timeline
2018
Up launched as a digital banking app, a partnership between Ferocia and Bendigo and Adelaide Bank.· banking
2020
Beta release of the Up API providing programmatic access to balances, transactions, and real-time webhooks.· banking
2021
Up enables Consumer Data Right / Open Banking data sharing.· banking
2021
Bendigo and Adelaide Bank acquires Ferocia, fully bringing Up in-house.· acquisition
2023
Wise (TransferWise) integration available in-app for international payments.· pivot
2025
Up Home loans launched, leveraging Tiimely as a service provider for application processing.· lending
Regulated entities
Authorised Deposit-taking Institution (parent)
Australia (APRA)
Bendigo and Adelaide Bank Limited
AFSL and Australian Credit Licence
Australia (ASIC)
Bendigo and Adelaide Bank Limited (AFSL/ACL 237879)
App operator (subsidiary)
Australia
Up Money Pty Ltd (ACN 624 373 084)
The stack
Payments / PSP
Banking / BaaS
Card issuing
Lending
Open banking
Consumer Data Right (CDR) - Up acts as Data Holder
Sponsor bank
FX & payouts
Accounting gap: minor