Monedo, once Germany’s largest fintech startup, filed for insolvency proceedings and went bankrupt in 2020.
Founded in 2012 by Alexander Müller and Sebastian Diemer, the company faced problems due to the Covid-19 pandemic, despite having raised half a billion dollars in funding previously.
Monedo at Monedo.com – Now an obsolete company
Monedo was already struggling due to high default rates on the loans it granted and was under heavy criticism for charging high interest rates, due to its customers’ low credit worth. Eventually, these customers from India and Russia defaulted on repaying their loans, and Monedo lost its entire valuation of over 200 million euro in 2018.
The company used the domain name Monedo.com that they let expire after it wasn’t renewed at Marcaria. After its drop, Monedo.com was picked up by DropCatch where it’s being auctioned on a three day bidding war.
It’s yet another sad example of a domain’s demise following that of the company that utilized it.
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