# Up Bank

> Source: https://docs.barcoder.ai/docs/wallets/up-bank
> research date 2026-05-29 · extracted at 2026-10-07
> Publisher: Barcoder — encyclopedia of QR, barcode and payment-code standards

Specifications:
- [Up — official](https://up.com.au/)

## Overview

**Up** is **Australia's first digital bank**, founded **October 2018** as collaboration between **Ferocia (software development) + Bendigo and Adelaide Bank** <sup>[1][1], [2][2], [Australia report](https://docs.barcoder.ai/docs/payments/AU)</sup>. **2025 FY results**:
- **Customers**: **1.2 million** (+29% YoY) — driving Bendigo Group's 11% jump to 2.9M customers
- **Deposits**: **$2.8 billion** (+34% YoY)
- **Mortgage lending**: **$1.7 billion** (nearly triple YoY)

**Distinctive Up positioning**:
- **Targets late-teens + early-20s Australians** — Bendigo's strategy for attracting + retaining younger customers through their banking lives.
- **August 2021 — Bendigo & Adelaide Bank acquired remaining Ferocia stake** + Up IP, **after Up reached 400,000 customers**. Up now operates as independent arm of Bendigo & Adelaide Bank.

**Up financial-product stack**:
- Up Spending Account + Up Savers (high-interest savings)
- Up Card (debit)
- Up Home Loans (FY2025 mortgage lending nearly tripled to $1.7B)
- Up Investing
- Up Pets + Up Lifestyle + Up Maybuy (saving toward purchases)

## History

**October 2018 — Up launches** <sup>[2][2]</sup> as Ferocia + Bendigo and Adelaide Bank collaboration; **Australia's first digital bank** (mobile-first; ADI via Bendigo's banking license).

**2019-2020 — Mass Australian young-professional adoption** <sup>[1][1]</sup>: 400K+ customers by August 2021.

**August 2021 — Bendigo & Adelaide Bank acquired Ferocia** <sup>[3][3]</sup>: Remaining Ferocia stake + Up IP acquired post-Up's 400K customer milestone.

**FY2025 (year ending June 2025) — Up 1.2M customers (+29%) + $2.8B deposits (+34%) + $1.7B mortgages (+nearly 3x)** <sup>[1][1]</sup>.

## Ownership & operator

**Operating entity**: **Up** — independent arm of **Bendigo and Adelaide Bank**.

**Parent**: **Bendigo and Adelaide Bank** (ASX: BEN) — Australian regional banking group.

**Co-founder context**: **Ferocia** (Melbourne-based software-development company; founders Dom Pym + Grant Thomas) — Bendigo acquired Ferocia in Aug 2021 for Up + Ferocia IP.

**Regulators**: **APRA (Australian Prudential Regulation Authority)** + **ASIC** + **AUSTRAC**.

## Technical integration

| Layer | Description |
|---|---|
| **Channels** | Up mobile app (iOS + Android) + Up Card (debit) |
| **Identifiers** | Phone + email + card number |
| **AU rails** | **[PayID](https://docs.barcoder.ai/docs/standards/payid) + Osko** (New Payments Platform NPP fast payments) |
| **License** | ADI (Authorised Deposit-taking Institution; via Bendigo's banking license) |
| **Sub-products** | Up Spending Account + Up Savers + Up Card + Up Home Loans + Up Investing + Up Maybuy (saving toward purchases) + Up Pets + Up Lifestyle |
| **Customer focus** | Australian late-teens + early-20s + young-professionals |
| **Distinctive AU first** | Australia's first digital bank |

## Users & growth

**FY2025 (year ending June 2025)** <sup>[1][1]</sup>:
- **Customers**: 1.2 million (+29% YoY)
- **Deposits**: $2.8 billion (+34% YoY)
- **Mortgage lending**: $1.7 billion (nearly triple YoY)
- **Parent Bendigo Group customer growth**: 11% YoY to 2.9M (Up-fueled)

## Use cases

Australian young-professional digital banking (1.2M customers); Up Spending Account + Up Savers + Up Card + Up Home Loans + Up Investing; Up Maybuy (saving toward purchases) + Up Pets + Up Lifestyle; AU PayID + Osko fast payments; AU ADI via Bendigo & Adelaide Bank banking license.

## Implementations & partners

**Operator**: **Up** (Bendigo and Adelaide Bank subsidiary post-Aug 2021).

**Parent**: **Bendigo and Adelaide Bank (ASX: BEN)** — Australian regional banking group.

**Heritage co-founder**: **Ferocia** (Melbourne-based software-development company; Dom Pym + Grant Thomas).

**Major Australian digital-bank competitors**:
- **86 400** (closed 2024 post-NAB acquisition; cautionary tale)
- **Volt Bank** (closed 2022; cautionary tale)
- **ING Australia** (ING Group; AU digital bank)
- **Macquarie Bank** (Macquarie Group; AU digital banking)
- **Bendigo eBanking** (Bendigo + Adelaide Bank's sister product; Up's parent ecosystem)
- **Beforepay** (AU BNPL salary-advance)
- **Beem It** (AU bank-consortium P2P)
- **NAB + ANZ + Westpac + Commonwealth Bank mobile apps** (Big-4 AU bank rivals)

**Regulators**: **APRA + ASIC + AUSTRAC**.

## Fun facts

- **Australia's first digital bank** (Oct 2018).
- **FY2025**: 1.2M customers (+29%) + $2.8B deposits (+34%) + $1.7B mortgages (nearly triple YoY).
- **Targets late-teens + early-20s Australians** — distinctive young-professional segment focus.
- **Ferocia heritage co-founder**: Melbourne-based software-development company Dom Pym + Grant Thomas.
- **August 2021 Bendigo & Adelaide Bank acquired remaining Ferocia stake** + Up IP, post-Up's 400K customer milestone.
- **Up Maybuy** (saving toward purchases) — distinctive product innovation.
- **Bendigo Group customer growth +11% YoY to 2.9M** — Up-fueled.
- **Operates as independent arm** of Bendigo and Adelaide Bank.

## Comparison

| Feature | Up Bank | ING Australia (AU digital-bank rival) | Macquarie Bank (AU digital-banking incumbent rival) | 86 400 (closed 2024 cautionary tale) | Volt Bank (closed 2022 cautionary tale) |
|---|---|---|---|---|---|
| Operator | **Up (Bendigo and Adelaide Bank subsidiary; ASX: BEN parent; Ferocia heritage)** | ING Group AU subsidiary | Macquarie Group | 86 400 (NAB-acquired then closed 2024) | Volt Bank (closed 2022 post-funding-shortfall) |
| Type | **AU first digital bank + young-professional targeting (late-teens + early-20s)** | AU digital banking (ING European parent) | AU digital banking (Macquarie incumbent) | AU neobank (closed 2024) | AU neobank (closed 2022) |
| Country | Australia | Australia | Australia | Australia | Australia |
| Users | **1.2M (+29% YoY FY2025) + $2.8B deposits (+34%) + $1.7B mortgages (nearly 3x)** | Major AU | Major AU + NZ | Closed 2024 | Closed 2022 |
| Distinctive | **AU first digital bank; Ferocia heritage; Up Maybuy + Up Pets + Up Lifestyle; young-professional focus; Bendigo Group customer growth Up-fueled** | ING European parent; AU digital banking | Macquarie Big-bank incumbent | NAB-acquired then closed | Funding-shortfall closure |

## Status

**Active, Australia's first digital bank** <sup>[1][1], [3][3]</sup>:
- **Up (Bendigo and Adelaide Bank subsidiary post-Aug 2021)** since October 2018.
- **FY2025 (year ending June 2025)**: 1.2M customers (+29% YoY) + $2.8B deposits (+34%) + $1.7B mortgages (nearly triple YoY).
- **Targets AU late-teens + early-20s + young-professionals**.
- **Bendigo Group customer growth +11% YoY to 2.9M** Up-fueled.
- **APRA + ASIC + AUSTRAC regulated** ADI via Bendigo banking license.

## Sources

[1]: https://thenightly.com.au/business/markets/its-up-up-and-away-for-bendigo-banks-youth-focused-digital-bank-c-19794307 "Up FY2025 record year — The Nightly"
[2]: https://en.wikipedia.org/wiki/Up_(Australian_bank) "Up (Australian bank) — Wikipedia"
[3]: https://up.com.au/press-releases/up-joins-the-bendigo-family/ "Up joins Bendigo family — Up press"
[4]: https://www.bendigobank.com.au/media/a-million-reasons-to-celebrate-australias-first-digital-bank/ "1M+ Up customers — Bendigo Bank"
[au-cro]: https://docs.barcoder.ai/docs/payments/AU

- [1] [Up FY2025 record year — The Nightly][1]
- [2] [Up (Australian bank) — Wikipedia][2]
- [3] [Up joins Bendigo family — Up press][3]
- [4] [1M+ Up customers — Bendigo Bank][4]
- <sup>[Australia report](https://docs.barcoder.ai/docs/payments/AU)</sup> In-corpus: `reports/countries/AU-australia.md`

## Source

Biography extracted from [up-bank.md](https://docs.barcoder.ai/source/wallets/up-bank). See `matrix.md` for standards-support matrix if present.