Fintech Acatus files for insolvency

For Berlin-based fintech Acatus, the task now is to find a potential buyer. That could still avert the end.

Insolvency is not always the end: Fintech Acatus wants to continue its operations, there are enough orders. Nevertheless, the Berlin-based company has filed for insolvency, as Finance Forward reports. Provisional insolvency administrator Gordon Geiser says of Acatus' future: 'Business operations are to be maintained without restriction during the proceedings. The aim of the proceedings is to find a sustainable investor solution for the startup." And it remains possible "to implement further securitisations during the proceedings without restriction".

According to Finance Forward, the company failed to close a funding round due to a lack of agreement among its shareholders. Geiser says of the further procedure: "The aim of the procedure is to find a sustainable investor solution for the startup."

Founder Daniel Wigbers also expresses hope that he can lead his startup through this crisis. His co-founder Marie Louise Seelig only recently left Acatus, and differences between her and investors are also said to have played a role.

It was also said that the shareholders had wanted more banking expertise on Acatus' team. The fintech accommodated this request by bringing in Marco Zimmermann from Deutsche Bank and former Managing Director at Santander, Igor Smirnov, to its executive team.

Founded in 2016, the fintech raised eight million euros by the end of 2019, five million euros of which were loans. Acatus sends individual securitizations through its lending portal.