Bano Pty Ltd
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| Private | |
| ISIN | 🆔 |
| Industry | FinTech, Financial Services |
| Founded 📆 | 2020 |
| Founder 👔 | |
| Headquarters 🏙️ | , , Australia |
Area served 🗺️ | Australia |
Key people |
|
| Members | |
Number of employees | 140 |
| 🌐 Website | banosuperapp |
| 📇 Address | |
| 📞 telephone | |
Bano PTY LTD (also known as Bano or Bano Superapp) is an Australian FinTech based in Sydney, Australia that is targeted at Gen Zs and Millenials.[1] Bano was founded in December, 2020 and was the 2nd Australian company to be given the Enhanced Regulatory Sandbox Exemption (ERS) by the Australian Securities & Investments Commission (ASIC).[2]. In December of 2022, Bano exited the ERS exmeption after receiving an Australian Financial Services License (AFSL) from ASIC.[3]
History[edit]
Prior to the first version release of the app, Bano partnered with Nium to expand their digital payment offering and allowed Bano to provide VISA cards to their customers.[4] In January 2021, the app was released and its sole core function of a payment facility was offered to the Australian public. In less than a year, the functions began to expand including, but not limited to: in-app requests and split bills, cashback offerings, currency conversion and remittance, patent-pending Apple Pay/Google Pay PayLinks, interest on wallet balances, multi-currency accounts, and more. On June 28, 2022, Bano announced their partnership with CurrencyCloud which would allow the supearpp to conduct in-app currency conversion and remittance.[5] During this one-year period, Bano garnered over 10,000 Australian users whilst working within the ERS exemption.
On December 19th 2022, Bano received the AFSL from ASIC on the same day that the ERS was set to expire.[6]
Products[edit]
Bano offers transactional accounts that allow users to pay using physical/virtual cards that are customisable. Users can use the mobile app to conduct split bills (whilst offering cashback) and request money from peers.[7] The patent-pending PayLink allows users to send Apple Pay/Google Pay links to peers who do not use Bano. The app also has a currency converter that allows users to convert to over 30+ currencies and offers remittance.[8]
As a superapp, Bano strives to be a one-stop shop for its customers with stock trading and overdraft features coming in the future.
References[edit]
- ↑ "LinkedIn Login, Sign in | LinkedIn".
- ↑ "Enhanced regulatory sandbox exemption users". asic.gov.au.
- ↑ "BANO PTY LTD RECIEVES AUSTRALIAN FINANCIAL SERVICES LICENCE – FinTech Australia".
- ↑ "Bano and Nium Enhance Digital Payments for International Students in Australia - Nium". Nium.com.
- ↑ "Superapp Bano partners with Currencycloud to simplify finance for Australia's Gen Z - Currencycloud".
- ↑ "Bano Super App — MEDIA RELEASE - AFSL". banosuperapp.com.
- ↑ "Bano Super App Review | Australian Neobanks | Mozo". mozo.com.au.
- ↑ "Bano Super App — FX (Foreign Exchange)". banosuperapp.com.
This article "Bano Superapp" is from Wikipedia. The list of its authors can be seen in its historical and/or the page Edithistory:Bano Superapp. Articles copied from Draft Namespace on Wikipedia could be seen on the Draft Namespace of Wikipedia and not main one.
