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22 Feb, 2021 Author Ranina Sanglap
Australia s neobanks need to find new profitable products and steady revenue streams to be able to make a dent in a market dominated by existing lenders, experts said after the abrupt exit of one player and the acquisition of another within weeks of each other rattled the fledgling industry.
Xinja returned its banking license in December 2020, while 86 400 was acquired by National Australia Bank Ltd. in January. Analysts said the remaining neobanks and any potential new entrants will need to be more innovative and generate enough revenue to survive. Xinja s focus shift isn t a signal of an end to neobanks. There have been and will be new entrants and exits still to come. But it does underscore how any company will need a comprehensive business model that can compete and be sustainable through stressful market conditions, said Jason Malo, research director at global technolog
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Australia-based slot machine maker Ainsworth Game Technology Ltd says it has a new five-year secured-credit facility worth US$35.0 million, with United States-based lender Western Alliance Bancorp.
“Proceeds of US$28 million from this new facility have been used to extinguish all company obligations under the prior revolving credit facility with Australia and New Zealand Banking Group Ltd (ANZ),” said Ainsworth Game in a Friday filing to the Australian Securities Exchange.
The party to the new credit agreement is Ainsworth Game Technology Inc, a U.S.-based operating subsidiary of the group. Its parent entities within the group, AGT Pty Ltd and Ainsworth Game Technology Ltd, are guarantors of the loan.
Ainsworth uses new credit line to pay off old one
Ainsworth uses new credit line to pay off old one
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This may not be a perfect example of robbing Peter to pay Paul, but it’s pretty close. Ainsworth Game Technology has had a couple of difficult years, seeing a drop in its annual performance in 2019 before 2020 brought further losses due to COVID-19. A filing (pdf) it just submitted to the Australian Securities Exchange (ASE) indicates that it has received a new five-year credit line worth $35 million and, while that could be viewed as potentially good news, closer examination proves otherwise. Ainsworth is using the money to pay off another credit line it had.