Xinja, the latest "neobank" to be given a full banking licence, is looking to raise more than $50 million from big investors as part of its plan to disrupt the lucrative retail banking sector.

In a key milestone that allows the bank to take deposits from the public, Xinja was on Monday granted an unrestricted licence from the Australian Prudential Regulation Authority (APRA).

Xinja CEO Eric Wilson.

Co-founder of the bank, Eric Wilson, on Monday said it was launching transaction accounts on Monday, and would soon offer savings accounts, with loans to come in the first quarter of 2020.

Xinja has so far raised about $50 million in capital, and on Monday it kicked off a Series D capital raising with the aim of adding about $50 million or more, including from institutional investors. Mr Wilson said that over the next three to four years, it was looking to raise about $150 million in total.