BENDIGO Bank is celebrating an important milestone, with its groundbreaking digital bank Up reaching one million customers.

Australia’s first and best mobile only digital bank was established in a joint venture between Bendigo Bank and Ferocia in 2018, with Bendigo Bank acquiring full ownership of the business in 2021.

Up has continued its path of rapid growth since inception delivering customer growth unmatched by any other Australian bank.

Bendigo Bank CEO Richard Fennell (pictured) said the milestone was testament to the Bank’s digital strategy and expertise in partnering with likeminded organisations to deliver better financial outcomes and intuitive experiences for customers.

“In 2018, we began executing on our plan to build Australia’s first and best digital bank with Up. Six years later and we have attracted more than $2B in deposits, $1B in mortgages and are now celebrating Up’s millionth customer,” Mr Fennell said.

“One of the secrets to Up’s success is its intuitive UX which helps customers manage their finances. Features such as Save up $1000 and Locked Savers have made Up’s app the highest rated Australian bank app in both the App store and Google Play.

“Bendigo Bank is Australia’s most trusted bank and Up’s mission to make money easy is closely aligned with our purpose of feeding into prosperity. We are proud of Up’s success and will continue to invest in areas which will accelerate our growth and enhance productivity for the benefit of our customers.

“We are now focused on leveraging Up’s technology and capabilities for the Bendigo Bank brand, which will help onboard new customers even faster and at even lower cost to the bank while also delivering new digital capabilities to meet the evolving needs of our existing customers.

“Congratulations to the entire team at Up for reaching this major milestone,” Mr Fennell concluded.