Up Banking

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.

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

Headquarters

HQ city

South Melbourne

HQ country

Australia

HQ region

Oceania

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Technology or R&D, Personnel, Marketing or Sales, Infrastructure, Operations

Revenue model

1. 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

Go-to-market motion2 records

Distribution channels4 records

Marketing channels6 records

Core 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

Named customers1 record

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

Feature10 records

Scale indicators3 records

Recent moves6 records

Expansion highlights5 records

Direct 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

• Xx.com/up_banking
• GitHubgithub.com/up-banking
• Instagraminstagram.com/up_banking
• Facebookfacebook.com/upbanking
• LinkedInlinkedin.com/company/upbanking

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Up Banking