Up joins the Bendigo family, accelerates growth and capability

Aug 16, 2021

Through word of mouth, peer-to-peer referrals and enthusiastic stories shared in coffee lines — “it’s like getting a pay rise” — young Australians are leaving the big 4 behind and boarding the rocket ship Up.

From launch in 2018, Up has been a close partnership between Bendigo Bank and software company Ferocia. Together we had big ideas about how banking could be better for all Australians. And together we knew we could make it real.

On August 16, just after Up announced it had grown to 400,000 customers in only three years, Up co-founders and Ferocia owners Dom Pym and Grant Thomas announced the successful sale of Ferocia to Bendigo Bank, and the appointment of Xavier Shay as Up’s new CEO. Influential Head of Product Anson Parker remains on board to grow the vision for Up so many have fallen in love with.

Up was already supported by Bendigo Bank’s core infrastructure. Up will continue to operate as the same brand, run by the same people, with the same customer proposition, and Up customers will continue to have the same access to their account as they do today.

Dominic Pym of Ferocia, said “Our partnership with Bendigo and Adelaide Bank started back in 2012 with an objective to re-imagine banking. When we launched Up in 2018, we set out to disrupt the industry by building a completely different experience through a technology-led banking, not bank-led technology approach.”

“The launch of Up ushered in a new digital banking age through a unique fintech and bank partnership. With a vision to be Australia’s number one consumer lifestyle brand, the time is right to scale Up through a deepened relationship and new product offerings from the Bank, whilst bringing Ferocia’s expertise to rest of the Bank’s highly engaged customer base.”

Up might be the biggest challenge to the big 4 you’ve never heard of.

To request an interview, contact media@up.com.au. A full release from Bendigo Bank can be found on their website