Up Banking
Up Banking is an Australian digital-only neobank brand of Bendigo and Adelaide Bank Limited, serving over one million retail consumers with fee-free transaction, savings, joint, and home loan accounts through a mobile app and developer API.
- Company typePrivate
- Founded2018
- HeadquartersSouth Melbourne, Australia
- Headcount11–50
- GTM typeB2C
- OfferingServices
What Up Banking does
Up Banking is an Australian digital-only neobank operating as a brand of Bendigo and Adelaide Bank Limited (ABN 11 068 049 178, AFSL and Australian Credit Licence 237879), with its platform developed and maintained by Ferocia. Founded in 2018 and headquartered in Bendigo with operating presence in South Melbourne, Up serves over one million Australian retail consumers — branded "Upsiders" — through a mobile application distributed via the Apple App Store and Google Play. The core product is the Up App, providing fee-free transaction accounts (Spending), goal-based sub-account savings (Savers), joint accounts (2Up), home loans (Up Home), and international spending without foreign transaction fees, with no monthly account fees, no minimum balances, and no international transaction fees charged to customers.
The underlying technology is an API-first digital banking platform built on modern infrastructure with real-time transaction processing, webhook event systems, and a publicly accessible developer API (api.up.com.au, v1 beta) backed by Personal Access Token authentication and HMAC signature verification. Notable technical components include automatic and manual transaction categorization with parent-child hierarchies, custom tagging (up to six per transaction), receipt attachments, live multi-currency display, and a public GitHub repository. Product surface spans automated savings features (Round Ups, Pay Splitting), the Grow & Flow differentiated interest system, the Hi-Fi financial sound system, Trackers, Request Money, iOS Shortcuts, the UpYear annual personal finance report, and the Up High premium subscription tier.
Up generates revenue primarily through interchange fees on card transactions, supplemented by net interest margin on deposits and the Up Home loan book, all earned under Bendigo and Adelaide Bank's banking licence. Distribution is fully self-serve via app stores, supported by a community-led growth strategy anchored on "The Upside" brand platform, content marketing through the company blog, social engagement (Instagram, X), the Hook Up A Mate referral program paying $10 per successful referral, and time-bound promotions including Perk Up, Happy Hour, and Cash Splash. The customer base is a long-tail horizontal segment of individual Australian consumers — including a distinct ADHD-friendly persona — with couples addressed through 2Up joint accounts. Geographic focus is single-country (Australia) with no disclosed plans for international market entry.
Up Banking firmographics
Firmographics- Name
- Up Banking
- Legal name
- Bendigo and Adelaide Bank Limited
- Website
- https://up.com.au
- Company type
- Private
- Founded year
- 2018
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Up Banking is an Australian digital-only neobank brand of Bendigo and Adelaide Bank Limited, serving over one million retail consumers with fee-free transaction, savings, joint, and home loan accounts through a mobile app and developer API.
- Ownership category
- akta.pro rank
Where Up Banking is headquartered
LocationHeadquarters
- HQ city
- South Melbourne
- HQ country
- Australia
- HQ region
- Oceania
Offices1 record
Markets served
Up Banking business model
Business model- GTM type
- B2C
- Offering type
- Services
- Cost components
- Technology or R&D, Personnel, Marketing or Sales, Infrastructure, Operations
Revenue model
- Interchange and Banking Services: Up operates as a brand of Bendigo and Adelaide Bank Limited and generates revenue primarily through interchange fees on card transactions and other standard banking revenue streams. The service is offered free to customers, suggesting a model based on transaction volume and card usage rather than direct fees.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Freemium | Pay-as-you-go | Free core banking with no fees |
Go-to-market motion2 records
Distribution channels4 records
Marketing channels6 records
Up Banking product offering
Product offeringCore offering
Up Banking operates a mobile-first, API-enabled digital bank in Australia that offers fee-free everyday transaction accounts to over one million customers. The platform delivers spending analytics, automated savings tools, multi-currency wallets, and a developer API, and is offered as a brand of Bendigo and Adelaide Bank Limited.
Product overview
Up Banking is a digital banking platform offered by Ferocia and branded under Bendigo and Adelaide Bank. The core product is the Up App — a mobile banking application providing transaction accounts (Spending), savings accounts (Savers with goal-based tracking), and home loans (Up Home). The platform is built around a community-oriented brand called 'The Upside', which encompasses savings automation features (Round Ups, Pay Splitting, Grow & Flow interest system), budgeting tools (Trackers, Hi—Fi Financial Sound System), and social features (2Up joint accounts, Hook Up a Mate referral). UpYear provides annual personalised financial reports. The platform also offers a Developer API (v1 beta) for personal financial data access, and promotions programs (Perk Up, Happy Hour, Hook Up a Mate).
Differentiator
Problem solved
Functional benefit
Brands
- Up: Digital banking app and brand offering savings, spending, and financial management features for Australian customers.
- UpYear
- 2Up
- Up High
- Ferocia
Products and services
- Up App A mobile-first digital banking application that provides fee-free everyday transaction accounts with spending analytics, automated savings, multi-currency wallets, and real-time transaction processing for Australian consumers.
- Up Home
Quantifiable outcome
- Request Money feature has facilitated over $4.5M in repayments with nearly 100,000 requests approved, with half of all requests repaid within 15 minutes
- +1 more outcomes
Companies that use Up Banking
Customer profileNamed customers1 record
Segments3 records
Ideal customer profiles3 records
Up Banking technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- Yes
- API docs
- API detail
Core technology
AI maturity
App detail
Integration1 record
Feature10 records
Up Banking partnerships and signals
Strategic signalScale indicators3 records
Recent moves6 records
Expansion highlights5 records
Up Banking competitors and assessment
Company assessmentDirect peers
- Starling Bank: UK challenger bank offering a fee-free current account, savings goals, joint accounts, and a public API. Highly comparable in product breadth, developer orientation, and customer base.
- Monzo: UK-based digital-only consumer neobank with a free tier, community-led brand, app-first design, and rapid product cadence. Closely comparable to Up in target customer, GTM motion, and product philosophy.
- Revolut: Global neobank built around fee-free international spending and FX, premium subscription tiers, and multi-account wallets. Directly comparable to Up on the international travel no-fee wedge and free-to-paid conversion strategy.
- N26: European digital bank with a mobile-first account, transparent fee structure, and premium tiers (N26 Smart, You, Metal). Comparable to Up on consumer positioning, freemium model, and app-led acquisition.
- Chime: US neobank offering fee-free checking and savings, early direct deposit, and a strong community-led brand. Comparable to Up in the no-fee, mass-market consumer model and digital-only distribution.
- 86 400: Australian neobank offering smart transaction accounts, home loans, and savings goals via a mobile app, now owned by NAB. Most direct Australian competitor in target segment and product set.
- Volt Bank: Australian digital challenger bank with transaction, savings, and bill management features. Direct Australian neobank peer, though currently operating under a more constrained status than Up.
Emerging players
- Zeller: Australian fintech offering integrated banking, payments, and card-acceptance tools to SMBs. Comparable as a Bendigo-partnered Australian fintech building a developer- and API-oriented banking experience, though primarily SMB-focused.
Broad incumbents
- Bendigo and Adelaide Bank: Up's parent bank and AFSL holder; a regional Australian retail and commercial bank with branches, business banking, and wealth services. Comparable as the incumbent whose infrastructure and license underpin Up.
Others
- Wise: Global cross-border payments platform integrated into Up for international transfers. Comparable on the international money-movement proposition and fee transparency, though positioned as a specialist rather than a full neobank.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Up Banking social profiles
Digital presenceUp Banking financial estimates
Financial estimateRevenue estimate
Valuation estimate
Up Banking leadership team
Management profileNumber of profiles
Profiles4 records
Up Banking funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Up Banking M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Up Banking
What does Up Banking do?
Up Banking operates a mobile-first, API-enabled digital bank in Australia that offers fee-free everyday transaction accounts to over one million customers. The platform delivers spending analytics, automated savings tools, multi-currency wallets, and a developer API, and is offered as a brand of Bendigo and Adelaide Bank Limited.
Is Up Banking a public or private company?
Up Banking is a private company. It is classified as corporate owned and is currently operating.
When was Up Banking founded?
Up Banking was founded in 2018. It employs 11 to 50 people.
Where is Up Banking based?
Up Banking is headquartered in South Melbourne, Australia, in the Oceania region.
How does Up Banking make money?
One revenue line is on record: interchange and Banking Services.
Who are Up Banking's main competitors?
Direct peers on record are Starling Bank, Monzo, Revolut, N26, Chime, 86 400 and Volt Bank. Zeller is listed as an emerging player. Bendigo and Adelaide Bank is listed as a broad incumbent. Wise is listed as an others.
Does Up Banking have an API?
Yes. The Up Banking API (v1, beta) provides programmatic access to personal financial data for authenticated users. It exposes endpoints for accounts (list/retrieve, SAVER/TRANSACTIONAL/HOME_LOAN types), transactions (list/retrieve by account, status filtering HELD/SETTLED), categories (pre-defined parent-child hierarchy), tags (custom labels, up to 6 per transaction), attachments (receipts), and webhooks (create/manage webhooks with PING, TRANSACTION_CREATED, TRANSACTION_SETTLED, TRANSACTION_DELETED event types). Authentication uses Personal Access Tokens via Bearer scheme in the Authorization header. Pagination uses opaque cursors with page[size] parameter (max 100). The API is personal-use only — not available for building third-party applications for other customers. Base URL: https://api.up.com.au/api/v1. Language-agnostic; examples provided in Ruby, PHP, Go, and JavaScript. Developer documentation is at developer.up.com.au.