Is Up Banking profitable?

Up does not disclose standalone financials since it is folded into parent Bendigo and Adelaide Bank's accounts. Bendigo's FY25 results (Aug 24, 2025) showed a statutory net loss of $97.1m from a goodwill impairment, while group cash earnings were $514.6m, down 8.4% year on year.

Up Money Pty Ltd is a wholly owned subsidiary of ASX-listed Bendigo and Adelaide Bank Limited, which acquired 100% of Up's original developer Ferocia Pty Ltd on August 16, 2021 for consideration of up to A$116 million.

Could AI replace Up Banking?

Not the core function: Up operates under Bendigo's ADI banking licence, which a pure AI/software layer cannot replicate. Front end workflows are more exposed; ex-Up chief product officer Anson Parker left to found AI-native rival XMO in May 2026 with A$4 million pre-seed funding.

How many customers does Up Banking have?

Per Bendigo and Adelaide Bank's FY25 results (Aug 24, 2025), Up grew 29% to 1.2 million customers, representing more than 40% of Bendigo's total customer base, up from 1 million reached in November 2024.

Who is Up Banking's biggest competitor?

UBank, NAB's digital bank that absorbed 86 400 (bought for A$220m in 2021, brand retired 2022), is the closest incumbent rival, though it hasn't visibly taken share from Up. A newer threat is XMO, an agentic-AI startup founded by ex-Up staff in May 2026.

Is Up Banking growing or slowing down?

Deposits and customers are still growing, from about $858m in deposits (mid-2020 scale) to $3,501m by December 2025 per Bendigo's 1H26 presentation, but an independent reviewer noted Up's visible feature-shipping pace has slowed since Bendigo's 2021 full acquisition.

Banks and financial groups · subsidiary of Bendigo and Adelaide Bank Limited · Australia

Up Banking

up.com.au ↗

Up is an Australian digital bank, a wholly owned subsidiary of Bendigo & Adelaide Bank, serving 1.2M+ customers.

Hard to displace

Assessed 22 July 2026 · Evidence as of 22 July 2026

Strong structural protection; the business model survives ai pressure.

On the recordSince 22 July 2026 · Checkable from Aug 2026 · Every call on the record Checkpoint: Bendigo & Adelaide Bank FY26 full-year results, watch for Up investment priority

The call

Up sits inside a licensed bank's walls, safe from AI clones and slow rivals alike, but its upside is capped at whatever Bendigo decides to invest.

Up Banking is an online bank that lets customers manage money through an app instead of branches. It is hard to replace because it has a banking license from the Australian government, which AI or startups cannot simply copy overnight, the way they might copy a regular software product. The four big Australian banks like Commonwealth Bank and NAB could theoretically do what Up does, but they have not taken its customers yet, and a new AI-powered finance startup called XMO (started in 2026) is now hiring Up's best people and building a competing product. The key question is whether Bendigo Bank will keep investing in Up's speed and features, or whether AI startups will win over customers before Up ships faster innovations.

Why

AI pressure: XMO (agentic-AI consumer finance startup founded by ex-Up product chief). Ex-Up leaders left to build an AI-native front end for money; it's raised pre-seed cash but has no customers or deposits yet. Could AI do the core job? Unlikely.

Bigger players: NAB's UBank and 86400, plus CBA, Westpac, ANZ digital offerings. Big banks have copied Up's app tricks for years without pulling meaningful deposit share away from it. Could a giant copy it? No, they are blocked.

What protects it. Up runs on Bendigo's actual banking licence and balance sheet, so no software company can copy it without also becoming a licensed bank.

What would change this call

Bendigo's FY26 results (~Aug 2026) statement on Up's investment priority. Shows whether parent bank keeps funding Up as a top-priority growth engine.
XMO's reported AU user or deposit numbers through 2027. Would show if agentic-AI fintech is pulling real deposit share from Up.
Further senior product/engineering departures from Up after May 2026. Would indicate a pattern of core talent erosion beyond the initial exits.

Key numbers

1.2 million customers, 40%+ of Bendigo's base (Aug 2025)
$3.501 billion in deposits (Dec 2025)
+55.2 Net Promoter Score (Aug 2025)

Named risks

Bendigo could deprioritize or merge Up into generic brand at FY26 results, expected Aug 2026. Severity: medium
Talent departure to AI-native rivals, e.g. ex-CPO founding XMO in May 2026. Severity: medium
Feature shipping velocity reportedly slowed since 2021 Bendigo absorption. Severity: medium
AFCA scam-liability reform effective around Sept 2026 raises compliance and payout costs. Severity: medium
No disclosed standalone AI chatbot or fraud-detection deployment while industry adoption of gen-AI service tools rises. Severity: low

Rivals, as read in July 2026

Rival	Direction	Evidence
UBank (NAB)	contesting	NAB's UBank absorbed 86 400 (A$220m, 2021) but hasn't visibly taken share from Up as of 2026
XMO	gaining on	Ex-Up CPO founded AI-native rival XMO, raised A$4M pre-seed, May 13 2026
ING Australia	losing to	Up ranked #1 vs ING's 2nd place in Roy Morgan 2025 satisfaction survey, announced May 8 2026
Big Four banks (CBA, Westpac, ANZ, NAB)	contesting	Dominant incumbents but none has replicated Up's referral-driven growth model as of 2026

Questions people ask

Is Up Banking profitable?: Up does not disclose standalone financials since it is folded into parent Bendigo and Adelaide Bank's accounts. Bendigo's FY25 results (Aug 24, 2025) showed a statutory net loss of $97.1m from a goodwill impairment, while group cash earnings were $514.6m, down 8.4% year on year.
Who owns Up Banking?: Up Money Pty Ltd is a wholly owned subsidiary of ASX-listed Bendigo and Adelaide Bank Limited, which acquired 100% of Up's original developer Ferocia Pty Ltd on August 16, 2021 for consideration of up to A$116 million.
Could AI replace Up Banking?: Not the core function: Up operates under Bendigo's ADI banking licence, which a pure AI/software layer cannot replicate. Front end workflows are more exposed; ex-Up chief product officer Anson Parker left to found AI-native rival XMO in May 2026 with A$4 million pre-seed funding.
How many customers does Up Banking have?: Per Bendigo and Adelaide Bank's FY25 results (Aug 24, 2025), Up grew 29% to 1.2 million customers, representing more than 40% of Bendigo's total customer base, up from 1 million reached in November 2024.
Who is Up Banking's biggest competitor?: UBank, NAB's digital bank that absorbed 86 400 (bought for A$220m in 2021, brand retired 2022), is the closest incumbent rival, though it hasn't visibly taken share from Up. A newer threat is XMO, an agentic-AI startup founded by ex-Up staff in May 2026.
Is Up Banking growing or slowing down?: Deposits and customers are still growing, from about $858m in deposits (mid-2020 scale) to $3,501m by December 2025 per Bendigo's 1H26 presentation, but an independent reviewer noted Up's visible feature-shipping pace has slowed since Bendigo's 2021 full acquisition.

Timeline

2026-05-13Ex-Up CPO Anson Parker raises A$4M pre-seed for AI-native rival XMO
2026-05-08Up named Roy Morgan Neobank of the Year for 3rd consecutive year
2026-01-13Up Home wins Best First Home Buyer loan at 2026 Finder Awards
2025-12-31Up deposit balances reach $3,501m per Bendigo 1H26 presentation
2025-08-24Bendigo FY25 results: Up hits 1.2M customers, 40%+ of parent base
2024-11-21Up reaches 1 million customers, over $2B deposits, 2,000+ home loans
2024-09-02Up CEO Xavier Shay also named Bendigo Chief Digital Officer
2022-07-19Up launches Up Home mortgage product, four years after founding
2021-08-16Bendigo acquires 100% of Ferocia for up to A$116 million
2018-01Up launches as a Ferocia and Bendigo Bank collaboration

Revision history

22 July 2026

First assessed. Hard to displace. The text above is fixed as of this date and is not edited afterwards.

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