Entertainment Monedo Holding: Controversial Hamburg start-up files for insolvency proceedings

10:45  09 september  2020
10:45  09 september  2020 Source:   handelsblatt.com

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Monedo takes financial services to the next level. Amaze the customer by understanding their needs is our vision. We believe lending needs to get less complicated Monedo is where the best finance and tech brains come together. Thanks to our unique scoring technology and digital lending process, our

The Council set up the first common framework for insolvency proceedings in Europe, a regulation on insolvency proceedings . These rules on cross-border insolvency have been updated and modernised in 2015. The new rules shift focus away from liquidation, helping businesses overcome

Sitz des Finanztechnologieunternehmens Monedo. © dpa Headquarters of the financial technology company Monedo.

At the beginning of the year, the Monedo company had hoped to master its fate itself. But now the preliminary insolvency administrator has been appointed.

The Hamburg district court has approved the application of the company Monedo Holding GmbH and ordered the preliminary insolvency proceedings. The court has appointed restructuring expert Christoph Morgen from the law firm Brinkmann & Partner as the preliminary insolvency administrator.

"I plan to continue operations and have already started talks with possible financiers," said Morgen. It is his goal to bring the investor process that began before filing for insolvency and, according to management, promising to a successful conclusion. The company employs 300 people worldwide, 100 of them in Hamburg.

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DGAP-Ad-hoc: mybet Holding SE / Key word(s): Insolvency /Miscellaneous mybet Holding SE The company aim to file the application for all three German group companies including the Company The background for the application for the opening of insolvency proceedings is the failure of

• Improving its functioning and repair its inadequacies • Catching up the gap with the new economic reality • Taking into account the evolution of practices and the the place of its COMI • New framework for group insolvency proceedings • Goal: improving the efficiency of insolvency proceedings

In spring 2020, the start-up was still optimistic that it would master its fate itself. After two mixed years, in which high losses were posted, the company saw the opportunity for the first time to finance its operating activities internally.

With a change in strategy, the company said goodbye to lending in the high-risk area. At the same time the name was changed. Kreditech became “Monedo”. This is the brand name under which the subsidiaries offer installment and microloans for consumers in Poland, Spain, Russia and India.

Fintech, founded in 2012 by Sebastian Diemer and Alexander Graubner-Müller, has always polarized. Both left the company a long time ago. The lofty claim to provide “financial freedom for the underbanked” often concealed usurious interest rates on small loans for people who were not accepted as customers by any bank.

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 To end insolvency proceedings: CFC wants its own plan © Robert Michael / dpa-Zentralbild / dpa / archive image The CFC logo on the stadium on Gellertstrasse. In order to end the insolvency proceedings, the financially troubled Chemnitzer FC wants to set up its own insolvency plan. The regional soccer team informed about this on Friday. CFC insolvency administrator Klaus Siemon submitted his final report to the Chemnitz District Court on Thursday. In it he applies to terminate the insolvency proceedings for lack of assets.

What are Insolvency Proceedings ? Insolvency Proceedings are the collective term for all of the official legal mechanisms of the Directors behaviour comes under scrutiny with the possibility of being held personally liable for company debt if there is evidence of wrongful of fraudulent trading.

Furthermore, the local court of Charlottenburg (Berlin) has just opened insolvency proceedings on the assets of ANYBET GmbH and on the assets of SWS Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Listed: Market in Berlin, Dusseldorf, Hamburg , Munich, Stuttgart, Tradegate.

Nonetheless, Kreditech has advanced to become a model fintech in Germany , also because it has renowned investors such as the World Bank, Peter Thiel, J.C. Flowers, Rakuten and the Napster subsidiary PayU attracted. Overall, the company is likely to have burned a three-digit million amount.

In order to assess the risk for lending, Kreditech also used data from their customers from the Internet, which were considered relevant for the credit rating. A practice that is not allowed in Germany.

More: When Kreditech became Monedo.

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