The coronavirus pandemic is taking its toll on the world economy. GDPs of many countries are down as unemployment numbers rise, and companies are shutting up shop. One of Germany’s largest fintech startups Monedo can now be added to the list as it has filed for insolvency. The fintech’s insolvency application was granted by the Hamburg District Court that has also opened the preliminary insolvency proceedings.
Provisional insolvency administrator appointed
The news of Monedo filing for bankruptcy was first reported by Manager Magazin. According to an official statement, on September 7, the Hamburg District Court also appointed restructuring professional Dr. Christoph Morgen from the Germany-wide law firm Brinkmann & Partner, as provisional insolvency administrator.