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World Investments CEO casts doubt on $433m Xinja deal


World Investments CEO casts doubt on $433m Xinja deal
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The head of an Emirati investment group negotiating with neobank Xinja has cast doubt over a $433 million lifeline payment publicised by the fallen fintech, claiming it never agreed to inject that amount of money into the startup.
Xinja announced in March last year it had secured $433 million – the largest single investment in an Australian neobank or start-up from Dubai-based World Investments that would be transferred in instalments over a two-year period.
Xinja used colourful logos and informal language to appeal to millennials. ....

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Claims Xinja investors spooked after 'red flags' in cyber security audit


Claims Xinja investors spooked after red flags in cyber security audit
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A Las Vegas headquartered online security firm that claims it was hired by Dubai investors to audit Xinja says it found significant problems with the fallen neobank s technology that left customers vulnerable to cyber attacks.
Defensury director Luca de la Torre said his firm was enlisted by Abu Dhabi based World Investments to discreetly probe Xinja’s digital infrastructure ahead of finalising a $433 million lifeline payment announced in March.
But after detecting red flags with the neobank’s technology infrastructure, Mr de la Torre recommended World Investments withhold from providing any capital before encouraging a complete overhaul of the app. ....

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Fallen neobank Xinja probed by secret US website offering $1m rewards


Fallen neobank Xinja probed by secret US website offering $1m rewards
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Fallen neobank Xinja is being probed by an anonymous US-based website offering cash rewards of up to $1 million for information about the Middle Eastern capital injection that never came through.
A website called Xinja tips that is registered to a New York City address is calling for information about the $433 million deal brokered by First Penny Investments chief executive Michael Gale.
We are investigating the Xinja deal on behalf of an international client with the focus on Mr Michael Gale, First Penny Investments as well as a Chinese company, the website says. ....

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Bad luck dogs Xinja Bank's Dubai agent


Bad luck dogs Xinja Bank s Dubai agent
Michael Gale, the colourful adviser who lined up a failed $433 million investment in Xinja by Dubai’s World Investments, is no stranger to big promises being made by wealthy Middle Eastern families and not delivered.
Jan 19, 2021 – 12.00am
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Scratch below the surface of the forced closure of Xinja Bank and you will come across a man whose 40-year career in venture capital, angel investing and funds management has been dogged by failures.
Adviser Michael Gale has a track record of gaining promises of big dollars from the Middle East. 
David Rowe
Gale has complained about his name and past business dealings being featured on a number of websites that contain defamatory material about him. Gale says in a blog written several years ago that these reports were ‘‘fake news’’. ....

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