The PayU and Rakuten-backed digital lending platform has filed for bankruptcy after regulatory changes in two markets meant customers halted loan repayments.
Monedo, a Germany-based online consumer lending platform backed by digital payment services firm PayU and e-commerce company Rakuten, filed for bankruptcy last week according to Manager Magazin.
Founded in 2012 as Kreditech, Monedo operates a microcredit lending platform that relies on algorithms to determine a consumer’s creditworthiness, making it possible even for applicants with bad credit histories to apply for loans of up to €5,000 ($5,900).
The company reportedly struggled after Spain and Portugal – two of its biggest markets…
Thierry Heles
Thierry Heles is editor-at-large of Global University Venturing and Global Corporate Venturing, and host of the Beyond the Breakthrough podcast.
