the following German financial company files for bankruptcy
Another German financial company files for bankruptcy. As startup Vantik has now pointed out, costs can no longer be covered by revenue. We summarize the details here.
Berlin FinTech Vantik is insolvent. As deutsche-startups.de reports, the startup talks about a “completely surprising” funding round that took place. As a result, revenues from Vantikcard and Vantikfonds are currently insufficient to cover the costs. Therefore, a provisional insolvency petition has now been filed.
However, business operations will continue unabated, at least for now. However, at the same time, Vantik can no longer pay out new cashback in favor of customers.
“The team around Vantik founder Till Klein wants to pursue the goal and achieve a joint acquisition of the business with the participation of a financial investor,” said insolvency manager Christian Otto.
Vantik Pinching: Here’s what you need to know about getting started
Vantik offers its customers a digital pension in the form of a cashback system. It reads on the company’s website: “Get 1% cashback on every payment with your free Vantik Mastercard. We invest money for you sustainably and profitably until you retire.
FinTech was founded in 2017 by Til Klein and Lara Hämmerle. In recent years, Vantik has received financial backing from Atlantic Labs, Seedcamp, STS Ventures, N26 founder Max Tayenthal, and more recently Family Office Custos.
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