Novatti downplayed mention of International Bank of Australia from its full year results, which once again were deep in the red. The ASX-listed fintech (and aspiring payments bank) reported a loss after tax of A$26.5 million over the year to June 2023, up from a loss of $16.6 million in FY2022. Accumulated losses of the company were $83.5 million at June, while it reported net assets of $15.5 million. More than half of Novatti’s loss can be explained by the write-down of its 20 per cent stake in Reckon. The top line shows the company is making progress, with growth in revenue of 20 per cent to $39 million over the year. Gross transaction value increased 46 per cent on FY22, “to exceed $4.2 billion”. Card issuing capability expanded over the year to include debit card and multi-currency cards to add to its existing prepaid and gift card products. It described FY23 as a “break out year for acquiring”, though revenues were little more than $3 million. It pointed to “continued FY23 gross margin improvement”, with this margin at 51 per cent in the June quarter, up from 43 per cent in the December quarter. Novatti said it was “focused on increasing margin going forward to drive profitability, balancing the needs of growth and mature business areas”. It now expects to be cash flow positive in the final quarter of the current financial year. Oddly, Novatti made next to no mention of International Bank of Australia in its results. The company owns 91 per cent of IBA, which operates under a restricted ADI licence granted in late 2022.