 By using the license of an established bank, Up avoids the issues with restricted banking licences encountered by similar banks such as Xinja and Volt.Originally named Alt, Up Bank was founded in 2017 by parent Ferocia and partnered with Bendigo and Adelaide Bank, who both companies had close ties to due to the development company redesigning Bendigo Bank's app.This allowed Up to thus use a license of a "traditional bank" and avoid impending delays of receiving an authorised deposit-taking institution (ADI) license seen through other banks such as Xinja and Volt.