Bank-in-an-app startup Pelikin has launched a crowfunding equity raise

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Pelikin, a banking alternative designed for digital natives, today launched a $400,000 equity raise on crowdfunding platform Birchal.

The fintech startup is founded by 28-year-old Sam Brown, who wants to disrupt traditional retail banking with a more efficient way to manage money in Australia and while travelling abroad.

Pelikin users will be able to control and spend in multiple currencies at once, all from the one app and with one debit card, as well as transfer money to other Pelikin users instantly and free.

“We’re not ex bankers who’ve had an epiphany that the retail banking world needs to change; we’re frustrated, everyday banking customers who are dedicated to making the future of banking brighter for ourselves and the rest of Australia,” says Brown.

“Technology in payments has changed everything, its enabling us to increase service, reduce cost and deliver a genuinely better human experience

“At the front-end we’re focusing on fixing transactional banking, talking to Australians and building them a product that they’ll love and use both locally and while travelling abroad.

“Once we’ve nailed that we’ll then seriously look at starting a conversation with (financial services regulator) APRA around banking licences.”

Digital bank startup Xinja last month launched Australia’s first equity crowdfunding offer via the Equitise platform, raising $500,000 in the first 24 hours, more than $1 million in a week and is currently at $1.4 million.

Alan Crabbe, co-founder of Birchal, one of the first seven companies licensed last month by corporate regulator ASIC to offer equity crowdfunding, you need to engage customers differently if you want to change how Australian’s bank.

“Equity crowdfunding is already proving to be one of the most powerful ways to get people excited for young financial tech companies and startups,” he says.

“Financial technology startups like Pelikin will disrupt the banking industry by building a following of dedicated customers.”

Pelikin’s campaign on Birchal will run for three weeks.