Neobank Xinja blames coronavirus pandemic for its flop
Technology by Gerard Cockburn 16th Dec 2020 8:56 AM Digital-only bank Xinja will close its savings and transaction accounts, saying the pandemic had stifled its ability to attract new investors. The neobank, which launched in 2019, said on Wednesday it would close its Xinja bank and stash accounts, saying capital raising initiatives had become impossible because of the economic impacts caused by the coronavirus pandemic. At the beginning of 2020, Xinja advertised a lucrative 3 per cent savings rate on its deposit accounts that was initially retained after the Reserve Bank clipped the cash rate twice in March due to the lockdown.
Neobank Xinja blames coronavirus pandemic for its flop
Technology by Gerard Cockburn 16th Dec 2020 8:56 AM Digital-only bank Xinja will close its savings and transaction accounts, saying the pandemic had stifled its ability to attract new investors. The neobank, which launched in 2019, said on Wednesday it would close its Xinja bank and stash accounts, saying capital raising initiatives had become impossible because of the economic impacts caused by the coronavirus pandemic. At the beginning of 2020, Xinja advertised a lucrative 3 per cent savings rate on its deposit accounts that was initially retained after the Reserve Bank clipped the cash rate twice in March due to the lockdown.
Neobank Xinja blames coronavirus pandemic for its flop
Technology by Gerard Cockburn 16th Dec 2020 8:56 AM Digital-only bank Xinja will close its savings and transaction accounts, saying the pandemic had stifled its ability to attract new investors. The neobank, which launched in 2019, said on Wednesday it would close its Xinja bank and stash accounts, saying capital raising initiatives had become impossible because of the economic impacts caused by the coronavirus pandemic. At the beginning of 2020, Xinja advertised a lucrative 3 per cent savings rate on its deposit accounts that was initially retained after the Reserve Bank clipped the cash rate twice in March due to the lockdown.