Xinja has become the latest so-called challenger bank to be granted a full banking licence by APRA.

The Australian Prudential Regulation Authority has given Xinja an unrestricted licence to operate as an authorised deposit-taking institution, nine months after it was given a restricted licence.

Xinja, which raised equity via crowdfunding, follows Volt, Judo and 86 400 in getting a full licence as neobanks aim to take a slice of traditional Australian lenders' business.

"It's been a hell of a journey," chief executive and founder Eric Wilson told AAP, payment cards explaining that APRA had been "incredibly thorough" to make the Xinja prove it could be trusted with customer's funds.

"We have been really busy building the best systems, to the highest standards authorities rightly set, to get our bank up and running," he said.

Xinja said it was launching transaction accounts from Monday for the customers on its waitlist, which can be accessed solely via a colourful and "fun" app and come with a Xinja debit Mastercard.

Savings accounts and Apple and Android Pay will come within a few weeks, with more lending products planned by early next year.

"It's really exciting," Mr Wilson said.

"We made a lot of promises. We want to revolutionise this business. We hope to be a force for good in an industry that doesn't have a lot of forces for good."

Xinja has a staff of 65 and is using cloud-based technology to roll out its platform.

In addition to raising raising $5 million in equity crowdfunding campaigns it raised $45 million from private and institutional investors around the globe.