Australia’s Ubank surpasses 1 million customers

It has named social media, particularly Tiktok, as an acquisition channel.

Ubank, the digital banking arm of National Australia Bank (NAB), has hit the 1 million customer milestone.

The bank offers services on budgeting and managing expenses, including bill tracking and automatic income splitting into buckets.

In an online statement based on a local interview, CEO Kanishka Raja said that over half of Ubank’s customers under 35 years old want to own a home. About 35% of Ubank’s loans in the last 12 months were to customers under 35 years of age, Raja said.

Ubank has ramped up its social media engagement strategy, with TikTok named as an acquisition channel. About 20% of new customers coming into Ubank are via social media, Raja said.