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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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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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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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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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