ING – ‘Australia’s oldest fintech’ – is reporting a sudden surge in customer growth

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The CEO of ING Australia, Uday Sareen, sees his bank as Australia’s oldest digital finance house.

“We are Australia’s oldest fintech and we are profitable,” Uday Sareen told Business Insider as the bank announced its full year results.

ING had record customer growth in 2017, adding more than 300,000, or almost a third, to hit 1.36 million active customers.

Statutory net profit after tax was up 18% to $348 million.

“We’re proud of what we’ve achieved this year,” says Sareen.

The Dutch multinational banking and financial services group, which entered Australia in 1999, now has 1,178 employees and holds 3% of the local banking market.

Sareen believes ING is at a tipping point.

“We now have more than 410,000 Australians who use ING as their main bank and more than 850,000 Orange Everyday accounts,” he says.

“We entered the Australian market with a pioneering online savings account and now we’re a bank that satisfies the everyday financial needs of Australians, from transactional accounts and credit cards to mortgages and superannuation.”

He says wholesale bank and business lending is growing and now represents for close to a third of all new loan growth.

“ING has global reach and expertise in wholesale lending and we plan to continue growing and serving more corporate customers in Australia in 2018 with a focus on real estate, utilities & infrastructure, metals and mining, oil and gas, telecommunications and media,” he says.