.jpg){kind=avatar}
.jpg){kind=avatar}
Monedo, formerly known as Kreditech, once the largest German fintech startup backed by the likes of Peter Thiel, JC Flowers and media giant Naspers, has filed for bankruptcy after the impact of the pandemic took its toll on the company.
Monedo was founded in 2012, is reported to have teetered on the edge of bankruptcy before. Back in 2018, the company’s value went from €200m to almost zero, after several loans to private individuals in India and Russia defaulted, Manager Magazin reports. The company went on to draft a sustainability strategy, hoping to shore up the business with more solid loans. They also secured investment from Facebook pioneer Peter Thiel and bank investor JC Flowers. The year before, in 2017, the South African media company Naspers had invested €110m. But the measures weren’t enough to prepare the credit provider for the coronavirus pandemic. Their chief financial officer Mariusz Dabrowski left the company shortly after the pandemic began.
