Aspiring neobank Hay may soon be clear to jump into the congested banking landscape. The company has been advised by APRA that the regulator is "minded to grant" it a restricted authorised deposit-taking institution licence, the Financial Review reports. This licence will be granted once Hay raises enough Tier 1 capital, which is one of the primary purposes of the funding round. Hay Limited has started sounding out funds for a A$30 million capital raising, the AFR reports, while "the Series C funding round is structured as a share placement and implies a pre-money valuation of $115 million." Canstar last week reported  Hay opened its digital transaction account for applications, promising no fees on everyday spending and no international transaction or foreign exchange fees for travellers.