Xinja received $443 million from Dubai-based Emirates World Investments with an initial investment of $160 million.

“We believe this is the largest single investment in an Australian neobank or start-up and, combined with exceptional customer acquisition and deposit growth, positions Xinja Bank as a leader in the Australian neobank market,” said Xinja Bank’s Founder and CEO Eric Wilson.

The remaining $273 million will be available for withdrawal in multiple tranches based on growth needs over the next two years.

The investment was secured after two years of talks.

"We are very pleased to welcome World Investments as investors in Xinja Bank," said Mr Wilson.

"WI epitomizes 'smart money.' These are investors who bring deep banking skills and knowledge to help us grow and be successful.”

Xinja was launched in May 2017. and now has more than 45,000 accounts and over $450 million in deposits. It plans to launch home and personal loans later this year, but recently had to halt the launch of new Stash savings accounts due to a sharp drop in interest rates.

The company's Stash accounts attracted over $400 million in the first eight weeks.