What is with this bankingday.com?

This web site bankingday seems to have it in for xinja.
Never say anything good, repeat themselves over about how xinja will fold, go broke.
All i can see about the writers of the site is a bunch of washed up journalists.

So is xinja going broke?

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Hi @raymp yes - we’ve been trying to keep our cool :rage: No we are not going broke :_ninja_emojis_lblue_01: We stopped taking new Stash accounts to ensure we were following our business plan - way ahead of this being a problem, so we were cool, calm and collected about the whole thing. We’d done unexpectedly well with Stash - nice problem to have - ahead of our lending products coming out (estimated mid year) which would have offset the large amount of deposits. So we’ve put the brakes on Stash. The obvious way would have been to drop interest rates (banks do that) but we felt that was stitching up our current customers, so instead we opted not to open any more Stashes for now. This has sent the press into a bit of a spin (pardon pun) in some cases. Watch us over the next few weeks. :ninja_emojis_pink_01:

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Most of the journalists are ex-Australian Financial Review. The AFR is well-known as a mouthpiece for the status quo of the existing banking oligopoly in Australia. They always take a pro view of the big four, even when it’s a negative story, and there have been plenty of those in recent years. Bankingday is owned by Workday Media, which mainly sells ($1000) subscriptions to those that work in the banking industry. In essence, they are preaching to the choir. The choir doesn’t want to read stories about how a neo bank is coming to cut their lunch. Like all fat cats, they want to be stroked on the head and told everything is fine, the nasty neo bank won’t get you. The amount of deposits lost from the existing banks to Xinja in just the 7 weeks the stash account was open ensures Xinja has a target on its back.

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