Up
Built by a tiny Melbourne studio; consistently Australia's most-loved banking app.
Design-led neobank (Bendigo-backed).
- Who holds it
- A sponsor bank behind the brand — not the app you signed up with — On Bendigo & Adelaide Bank license.
- The ledger
- Split between a program manager and the sponsor bank — the modular setup that broke in Synapse.
- If it fails
- Any claim runs through the sponsor bank, and only works if the two ledgers reconcile.
Derived from Up’s regulation type and custody — a class of protection, not a guarantee. Limits and eligibility vary by scheme, balance and jurisdiction; confirm before you rely on it. What happens if a neobank shuts down →
The facts
| Category | traditional |
| HQ | Melbourne, AU |
| Founded | 2018 |
| Custody | Custodial |
| Regulation type | Partner-bank model |
| License detail | On Bendigo & Adelaide Bank license |
| Card | MC · Debit |
| Yield | ~4% savers (conditions) |
| Stablecoins | No |
| KYC | Yes |
| Active regions | Oceania |
| Countries | Australia |
| Founders | Ferocia (Dom Pym, Grant Thomas) |
Verified links: official site ↗ · terms ↗ · privacy ↗ · @upbanking ↗
Common questions about Up
What is Up?
Up is a fiat neobank, headquartered in Melbourne, AU and founded in 2018. Your money is held custodially, so Up or its partner bank holds the balance and you hold a claim on it. It operates on a partner-bank model (On Bendigo & Adelaide Bank license).
Does Up have a card, and where can you use it?
It issues a Mastercard debit card. It is available in Oceania.
Does Up require KYC?
Yes. Up requires identity verification (KYC) to open an account, as a partner-bank model.
What does Up cost?
From the verified fields: yield ~4% savers (conditions). Cashback and yield are "up to" figures that change constantly and often depend on a paid plan — confirm current terms with Up before relying on them.
Peers
Wise · Judo Bank · Hnry · Kit · Douugh · Parpera
Up appears in
Neobanks running on someone else’s banking license (81) · Neobanks available in Oceania (72) · Neobanks that issue a Mastercard (150) · Neobanks in Australia (8)
Figures compiled from public sources, for comparison only — not financial advice. "Up to" rates change constantly; always confirm with the issuer. Spotted an error? Suggest a fix.