Up Bank
Up Bank is an Australian neobank offering app-based transaction accounts, savings products and home loans.
Last updated August 31, 2026
AI crawler reads
No AI crawler has read this profile since Oct 28, 2026.
Overview
Up Bank, also known simply as Up, Up Money or Up Banking, is an Australian neobank headquartered in Melbourne, Victoria. It was established in 2018 through a collaboration between Ferocia, a software development company, and Bendigo & Adelaide Bank. Ferocia had already been working closely with Bendigo Bank on mobile banking software, providing the technical and product foundation for a digitally native banking proposition. The brand was designed around a mobile-first customer experience rather than a conventional branch network. Its products are accessed and managed through a smartphone application, with an emphasis on rapid account setup, clear transaction presentation, automated savings and tools intended to make everyday money management more understandable. Up’s principal customer base has been younger Australian consumers, although its products are available more broadly to Australian customers. Up began with a friends-and-family beta in May 2018, followed by a closed beta in August and an invitation-based sign-up process in October. It launched publicly on 9 October 2018. Early product development concentrated on digital payments and a distinctive user interface. In November 2018, Up became the first Australian neobank to offer instant Apple Pay provisioning, allowing eligible customers to add a card to Apple Wallet before the physical card arrived. PayID transfers were introduced later that year, and the bank subsequently added Samsung Pay and Google Pay support. The service expanded its savings and personal-finance functionality in 2019. Pull to Save introduced a gesture-based way to move money into savings, while scheduled payments, repeated payments, salary identification and transaction analysis added practical budgeting support. Up also integrated with Afterpay to improve the visibility of those transactions and partnered with TransferWise, now known as Wise, to explore international payments through the TransferWise for Banks model. Customer numbers grew rapidly after launch. Up reported 30,000 customers approximately four months after its public release and 100,000 customers by June 2019. It later reported passing 400,000 customers, and the brand has been described as serving more than 900,000 mostly young Australian customers. These figures are company or reference-source claims and may vary according to reporting date and customer definition. In August 2021, Bendigo & Adelaide Bank acquired Ferocia, including its remaining interest in Up and Ferocia’s intellectual property. Following that transaction, Up continued as an independent arm and digital brand within Bendigo & Adelaide Bank. In 2022, it entered the home-loan market, extending its offering beyond transaction and savings accounts. Up’s positioning combines regulated banking infrastructure supplied through its Bendigo & Adelaide Bank relationship with product design and software-led service delivery. Its differentiation has historically rested on a highly visual mobile app, conversational transaction displays, automatic savings tools, payment integrations and a brand identity aimed at digitally confident customers. The brand has received recognition in Australian banking and technology awards, including Mozo, Finder and Interbrand-related recognition.
History
Up was created in 2018 as a joint venture-style collaboration between Ferocia and Bendigo & Adelaide Bank. Ferocia’s existing work developing Bendigo Bank’s application gave the project a software and banking foundation, while Bendigo provided the regulated banking relationship and infrastructure. The resulting brand was built as a neobank, with the customer relationship centred on a mobile application rather than a conventional branch-led model. The first users entered a friends-and-family beta on 13 May 2018. A closed beta followed on 2 August, and an invitation system introduced on 1 October allowed existing users to bring in new customers before the general release. Up launched publicly on 9 October 2018. Its early proposition combined transaction and savings accounts with a highly visual app experience and rapid support for digital wallets. On 8 November 2018, it introduced instant Apple Pay provisioning, allowing customers to provision a card before the physical card arrived. PayID transfers were tested with a limited group on 21 November and rolled out more broadly on 13 December. Up expanded its product ecosystem during 2019. Pull to Save, released in March, used a gesture-based interaction to encourage customers to transfer money into savings. The service added an Apple Watch application, Samsung Pay support, instant Google Pay provisioning, scheduled and recurring payments, and salary identification. Its integration with Afterpay made related transactions easier to identify and provided reminders for upcoming payments. In October, Up announced a TransferWise partnership based on the TransferWise for Banks model, seeking to add international payment functionality through application programming interfaces. The brand grew quickly after launch. Up reported 30,000 customers about four months after its public debut and 100,000 customers by June 2019. It later passed 400,000 customers and has subsequently been described as having more than 900,000 mostly young Australian customers. Up’s growth was accompanied by recognition in Australian financial-services and technology awards. It received Mozo Expert Choice Deposit Awards recognition in the Exceptional Everyday Account and Regular Savers categories in 2019, and Finder Awards recognition including Digital Disrupter of the Year, Best Tech Innovation and Best Banking Innovation. A major ownership change occurred in August 2021, when Bendigo & Adelaide Bank acquired Ferocia. The transaction included Ferocia’s remaining interest in Up and its intellectual property. Up retained an independent operating identity within Bendigo & Adelaide Bank rather than being eliminated as a consumer-facing brand. The change brought the technology originator fully into the banking group while preserving Up’s digital-first proposition. In 2022, Up entered home lending, broadening its scope from everyday banking and savings into mortgages. Its core offer remains app-based transaction and savings banking, supported by features such as spending categorisation, location and transaction analysis, conversational payment displays and automated savings. Up’s history reflects the development of Australian neobanks from experimental digital propositions into branded offerings operating within established banking groups.
- 2022
Home-loan expansion
[1]Up entered the home-loan market, extending its digital banking range beyond transaction and savings accounts.
- 2021
Ferocia acquisition
[1]Bendigo & Adelaide Bank acquired Ferocia and its remaining interest in Up, bringing the technology company fully into the banking group.
- 2019
Pull to Save launches
[1]The app introduced a gesture-based savings feature intended to make transferring money into savings more engaging.
- 2019
Customer base reaches 100,000
[1]Up announced that it had reached 100,000 customers in June 2019.
- 2018
Friends-and-family beta begins
[1]Up began early beta testing on 13 May 2018 as a collaboration between Ferocia and Bendigo & Adelaide Bank.
- 2018
Public launch
[1]Following closed and invitation-only testing, Up launched publicly in Australia on 9 October 2018.
- 2018
Instant Apple Pay provisioning
[1]Up introduced instant Apple Pay provisioning, allowing eligible cards to be added to Apple Wallet before delivery of the physical card.
Products and positioning
A mobile-first Australian neobank focused on simple everyday banking, automated saving, transparent spending insights and digitally native customer experiences, particularly for younger consumers.
Everyday banking · 2018
Up transaction account
Up’s everyday account is managed through its mobile application and is intended for routine spending, transfers and card payments. The surrounding app experience presents transactions in a conversational and visually organised format, with tools for analysing spending and identifying recurring or salary-related activity.
Savings · 2018
Up savings accounts
Up’s savings offering is integrated with the mobile banking experience and supports features designed to encourage regular saving. Pull to Save lets customers move money into savings through a gesture, while automated rounding and spending insights can help customers identify or accumulate spare funds.
Home lending · 2022
Up home loans
Introduced in 2022, Up home loans expanded the brand into residential lending. The product extends Up’s app-centred approach into a larger financial commitment, although detailed eligibility, pricing and loan structures are not specified in the supplied reference material.
Digital banking platform · 2018
Up mobile banking app
The Up app is the primary interface for the brand’s accounts and lending products. It includes spending and location analysis, conversational transaction displays, savings tools, scheduled and repeated payments, salary identification and integrations with major digital-wallet services.
Controversies
Brand decisions
2022
Enter home lendingProduct launchBackground
Up had initially focused on transaction accounts, savings and app-based money management.
Action taken
The brand expanded into home loans.
Aftermath
Up broadened its product range into residential finance while retaining its digital-first operating model.
2021
Bendigo & Adelaide Bank acquires FerociaM&ABackground
Up had been developed through a close relationship between Bendigo & Adelaide Bank and Ferocia, which retained an interest in the venture.
Action taken
Bendigo & Adelaide Bank acquired Ferocia, including its remaining stake in Up and Ferocia’s intellectual property.
Aftermath
Up continued as an independent arm and consumer brand within Bendigo & Adelaide Bank.
2019
Expand the digital banking feature setStrategyBackground
After its public launch, Up sought to differentiate through customer engagement, savings tools and payment connectivity.
Action taken
It introduced Pull to Save, wearable support, additional digital wallets, salary identification, scheduled payments and integrations with Afterpay and TransferWise.
Aftermath
The expanded feature set reinforced Up’s positioning as a software-led alternative to traditional everyday banking.
2018
Launch as a mobile-first neobankProduct launchBackground
Ferocia and Bendigo & Adelaide Bank created Up to offer a digitally native banking service centred on smartphone access.
Action taken
The partners staged beta testing, introduced an invitation system and released Up publicly in October 2018.
Aftermath
The brand established a customer proposition focused on app-based everyday banking and attracted rapid early customer growth.
Recent events
- 2022
Up enters the home-loan market[1]
Product launch
Up expanded beyond transaction and savings products by offering home loans through its digital banking proposition.
- 2021
Bendigo & Adelaide Bank acquires Ferocia and consolidates Up ownership[1]
M&A
Bendigo & Adelaide Bank acquired Ferocia, including its remaining interest in Up and Ferocia’s intellectual property. Up continued as an independent arm of the banking group.
- 2019
Up reports 30,000 customers[1]
Other
Around four months after its public launch, Up announced that its customer base had reached 30,000.
- 2019
Up introduces Pull to Save[1]
Product launch
The Pull to Save feature added a gesture-based mechanism for moving spare change or selected amounts into savings.
- 2019
Up reaches 100,000 customers[1]
Other
Up announced that it had passed 100,000 customers in June 2019.
- 2019
Up adds Samsung Pay and Google Pay support[1]
Product launch
The bank expanded its digital-wallet support with Samsung Pay in April and instant Google Pay provisioning in June.
- 2019
Up partners with TransferWise for international payments[1]
Other
Up announced a partnership using TransferWise for Banks APIs, with a private beta planned before a wider release.
- 2018
Up begins friends-and-family beta testing[1]
Product launch
Up began early beta testing in May 2018 before moving to a closed beta and invitation-based registration ahead of its public launch.
- 2018
Up launches publicly in Australia[1]
Product launch
The digital bank opened its service to the public on 9 October 2018 after its staged beta programme.
- 2018
Up adds instant Apple Pay provisioning[1]
Product launch
Up introduced instant Apple Pay provisioning, enabling customers to add an eligible card to Apple Wallet before receiving the physical card.
Showing the 10 most recent.
Sources3 sources
Cite this profile: Cite the canonical profile. /brand-wiki/up-bank · Editorial policy · How profiles are compiled