Financial technology company, Stargroup
(ASX:STL), has signed a 3-year deal worth $15 million. The deal is with Goldfields Money
(ASX:GMY), a Western Australian authorised deposit taking institution.
Stargroup sees this transaction as a “win-win” for both businesses. For Stargroup, it is a way to significant reduce its cost of funds.
For Goldfields Money, it will be provided with Stargroup’s ATMs, which will help service customers in remote locations.
Also, Stargroup will install “bank in a box” ATM Recyclers at Goldfields branches, with the aim to automate and improve the customer banking experience.
Stargroup reported a net loss of $1.4 million at 30 June 2016.
