Avenue Bank is granted its full banking licence from APRA

Avenue Bank has been granted a full banking licence to operate as an Authorised Deposit Taking Institution (ADI) by the Australian Prudential Regulation Authority (APRA).

Avenue CEO Peita Piper said the bank had reinvented the bank guarantee, providing fast, fair, and fuss-free service to Australian businesses.

“Australia’s banking landscape has evolved, yet the bank guarantee market remains stagnant, burdened by outdated, paper-based processes. Small businesses are stifled by unnecessary delays, uncertainty, and financial strains,” she said.

Avenue is the first and only Australian bank to specialise in bank guarantees. Its digital solutions will ease the management of bank guarantees and the claims process for landlords and enhance security, mitigating the risk of loss, theft, or fraud while tenants will benefit from a fully digital origination process.

“With specialised customer service, we will move as fast as the customer moves,” Ms Piper said.

Avenue Bank pays a competitive interest rate to customers on their security deposits which are 100 percent government-guaranteed (up to $250,000 per account holder).

For a limited time, it will also waive establishment fees.