Digital banking start-up Pelikin aims to reshape the way people save, send and spend their money in Australia and while travelling abroad. The company’s slogan is “spend like a local”.
It will be targeting “digital natives” with its app and debit card. It hopes to launch by mid-2018 and is currently seeking expressions of interest for investment on Birchal, an Australian equity crowdfunding platform.
“Acting as a transactional base for funds, Pelikin wants to create a seamless digital experience between everyday banking and travel banking; an important element for a younger market who are known for their tech-savvy and globetrotting lifestyle,” the company explains.
It is currently beta testing features such as immediate currency conversion, foreign bill splitting and group holiday saving goals.
Born out of 28-year-old founder Sam Brown’s own negative experience with banking, the app aims to fix the issues he encountered both locally and internationally, from hidden fees to customer support unavailability.
“Pelikin is a fintech start-up that is created for us, by us. We can’t wait for an ex-banker to have an epiphany that the Australian banking world needs to catch up to the tech world, so we decided to do something about it,” Brown explains.
“People should be able to spend their money overseas just like they can while at home. The clunky banking travel apps and higher fees for overseas spending just make no sense and are unjustifiable.”
Also, Pelikin says it is doing away with complicated account numbers and instead encourages users to set a unique Pelikin handle, just like Twitter.
“Setting up a Pelikin account will take as little as three minutes and it will travel with you wherever you go,” Brown says. “Gone are the days of notifying your bank that you’re travelling overseas or waiting over 24 hours for a bank transfer from a friend to come through.”
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