Ubank celebrates 1 million customers

10.11.2025

Ubank has reached a defining moment, ticking over one million customers – a milestone that recently appointed Chief Executive Officer Kanishka Raja describes as both a privilege and a responsibility. In an interview with the Australian Financial Review, Mr Raja reflected on Ubank’s trajectory and the digital bank’s mission to empower young Australians to do better with money.

“Ubank has come a long way, especially over the past five years,” he said.

Since acquiring 86 400 and transitioning to a modern tech platform, Ubank’s customer base has grown from around 610,000 to over one million and it has significantly improved its Net Promoter Score (NPS), a key measure of customer loyalty and satisfaction, which has risen from 5th place in 2022 to 2nd, a position the bank has proudly held for a couple of years. 

“My focus now is on building upon these strong foundations." 

Putting customers first

Mr Raja is clear that Ubank’s success is rooted in listening to its customers, particularly younger Australians. 

“We’re here to help young Australians do better with money through simple, digital banking experiences built around their needs and driven by innovation,” he said. 

“They’re asking for proactive financial tools and seamless digital mortgage experiences.” 

He described how Ubank’s features, like bill tracking and income splitting, are designed in direct response to customer feedback. 

“Many of our customers struggle with budgeting and managing expenses, so we offer features like bill tracking and automatic income splitting into buckets. More than half our customers under 35 want to own a home, and 35% of Ubank loans in the last 12 months were to customers under 35. The stickier the customer, the better we understand their needs and the more products they take out with us.”

Mr Raja’s ambition is for Ubank to become Australia’s most loved bank, targeting the #1 Net Promoter Score (NPS) among banks, and deliver sustainable economic value to NAB. 

Moving at the speed of digital 

Describing Ubank as a “digital attacker,” Raja highlighted the bank’s ability to innovate and scale quickly.

 “Ubank is acquiring younger customers and delivering innovation faster than peers. Our tech transformation enables us to scale quickly and deliver real value, Mr Raja said.

He pointed to the bank’s sustained growth in deposits and home loans, and its commitment to expanding the digital mortgage experience. 

“Our goal is to offer a consistent digital experience regardless of how customers apply. Mortgages are significant financial decisions, especially for under 35s, so we ensure the process is simple and we offer support through brokers too.” 

Staying relevant to young Australians

Ubank’s youth focus is evident in its digital engagement strategy. 

“We go where our customers are. Targeting 18 to 35-year-olds means being active on social media. We have over 220,000 followers on TikTok, we’re the most followed bank in Australia. Our content is designed to inform, entertain, and connect using a younger tone of voice.” 

TikTok has become an acquisition channel for Ubank with 20% of new customers coming via social media. The bank also connects with customers via Instagram and Reddit.  

“Mortgages and property discussions are common there, so it’s important to be present. Our team reflects our customers’ values and energy,” he said.

Mr Raja also hinted at upcoming personalised offers and rewards, leveraging data and analytics to tailor experiences for customers. 

“We aim to provide meaningful rewards, with plans to roll out a foundational offering in the next 12 months, he said.

As Ubank celebrates this milestone, Raja remains focused on the bank’s mission.  

“Over one million customers have put their trust in us, and we don’t take that lightly. We’re committed to helping young Australians do better with money.”

Read the full on article on UBank's journey to one million customers and its impact on the Australian banking landscape, opens in new window.