The co-founders of Genevo Marine, director Damon Rahmate and CTO Andrew Davey, came up with the concept three years ago and employed their more than 30 years of combined expertise to bring their vision to life.
Moving cash around by companies like Armaguard was already expensive. But the dramatic fall in cash usage has further increased the unit cost of this process.
Retailers and banks are preparing contingency measures in case Armaguard collapses after the money transporter rejected a $26 million bailout from the nation's biggest cash users.
Taxi Apps, the company behind the app GoCatch, is suing Uber in the Supreme Court of Victoria. The company has also accused Uber of serious misconduct including corporate espionage and hacking competitor systems.
Claims electric cars only suit inner-city drivers have been overtaken by new data showing outer city suburbs have become hotspots for the transport technology.
