Xinja surprised shareholders and customers when it announced in mid-December it would close all bank accounts and terminate its banking license. The neobank had promised to shake-up the banking industry and blamed COVID-19 and a tough capital raising environment for the decision.
However, The Age and Herald revealed the bank had pinned all hopes on a $433 million lifeline payment that ultimately never came through.
The New Year’s Eve email said Xinja staff had been made redundant and the return of deposits was on track but directors struggled to provide clear answers to frequently asked questions such as, “Will Xinja continue as a non-bank?” and “Will Xinja shares be worth anything?”
Xinja said it had not been successful in “s…
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