Monedo

Originally founded as Kreditech in 2012, the Hamburg-based company was a pioneer in using machine-learning algorithms to assess the creditworthiness of individuals, particularly those with little to no conventional credit history. It raised significant venture capital and expanded its services, offering installment loans, lines of credit, and point-of-sale financing in several countries. In 2020, the company rebranded to Monedo to unify its global offerings. However, facing significant financial challenges, reportedly exacerbated by the COVID-19 pandemic, Monedo Germany GmbH filed for insolvency in September 2020 and subsequently ceased its business operations.