Avenue Bank is granted its full banking licence from APRA
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Avenue Bank is granted its full banking licence from APRA

03 Mar '24
5 mins

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“Australia’s banking landscape has evolved, yet the bank guarantee market remains stagnant, burdened by outdated, paper-based processes.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.

“This is only the beginning for Avenue”

“We are committed to delivering further innovation to the bank guarantee market.”

See more at www.afr.com

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All applications are subject to eligibility and assessment.

Avenue Bank Ltd ABN 24 628 073 085, AFSL 520239, is authorised by the Australian Prudential Regulation Authority (APRA) to operate an Authorised Deposit-taking Institution. This information is of a general nature only and does not take into account your objectives, financial situation or needs. You should seek independent financial advice and read the relevant terms and conditions and relevant product documents prior to making a decision.

Avenue Bank acknowledges and pays respect to the past, present and future Traditional Custodians and Elders of this nation and the continuation of cultural, spiritual and educational practices of Aboriginal and Torres Strait Islander peoples.