{"id":94084,"date":"2023-09-05T17:07:00","date_gmt":"2023-09-05T15:07:00","guid":{"rendered":"https:\/\/cms.munich-startup.net\/?p=94084"},"modified":"2023-09-05T16:52:26","modified_gmt":"2023-09-05T14:52:26","slug":"xpay-insolvency","status":"publish","type":"post","link":"https:\/\/cms.munich-startup.net\/en\/94084\/xpay-insolvency\/","title":{"rendered":"Xpay files for preliminary insolvency"},"content":{"rendered":"
\n

Founded in 2016 by Denis Raskopoljac, Munich startup<\/a> Xpay provides companies with Mastercard cards for free, which they can pass on to their customers as part of a loyalty program. Consumers receive various discounts and perks when shopping with the branded prepaid credit cards. In this way, the company aims to enable brands and influencers, for example, to intensify their customer and fan relationships. The startup also gained notoriety through its luxury Visa debit card, Legatus.<\/p>\n\n\n\n

The startup was in good financial shape for a long time. In 2020, it secured \u20ac7 million in its Series A from investors including Apeiron Investment Group, Grey Study Capital, and the Swiss 'unicorn hunter' Daniel Gutenberg. A year later, it followed with a Series B of an undisclosed amount, led by Rose Park Advisors. Finance Forward<\/a> reports that Xpay has received a total of around 50 million euros from investors. The industry service further writes that a new financing round failed, which has now led to insolvency.<\/p>\n\n\n\n

Operational part of Xpay not affected by insolvency<\/h2>\n\n\n\n

At the end of August, the startup filed for preliminary insolvency with the Munich District Court. This applies to Xpay Holding AG as well as to Xpay Solutions GmbH and Xpay Development GmbH. Munich-based attorney Dr. Matthias Hofmann was appointed as the preliminary insolvency administrator. He clarified to Finance Forward that Xpay Card Services GmbH, which is the operational center as an e-money agent, is not affected by the insolvency. The goal now is to reduce ongoing costs in order to become more attractive to investors and be able to continue operating the company.<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"

The credit card startup Xpay aimed to become the leading provider in the embedded finance sector with prepaid credit cards and the corresponding data analytics. 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