Novatti - The $1 party, page-4356

https://www.bankingday.com/article/novatti-choke-on-iba

"The board of Novatti are understood to have cut off funding for International Bank of Australia, and are even considering a return of the restricted banking license granted late last year.

They may not need to, with a takeover offer for International Bank of Australia in the works, Banking Day has learned.

IBA was, a year ago, a centrepiece of Novatti’s ambitions to broaden its wings and build a pure play payments bank, similar in concept to Clearpay in the UK.

But with losses mounting and the budget for the company to become cash flow positive postponed, Mark Healy, the new CEO, is stamping his authority on the strategy.

There will be “a deeper focus on full P&L performance rather than revenue growth,” Healy told a stockbroker briefing three months ago."