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Retirement Provision Fintech Company Vantik Slides into Insolvency
The German fintech company Vantik has slided into insolvency. The last investment round dates back to April 2021, when the share capital of the young company was more than doubled. The startup described the capital round at that time as “pre-series A financing.” Vantik is currently no longer allowed to pay out new cashback in favor of customers.
Berlin-based fintech company Vantik, which offers a digital retirement provision in the form of a cashback system, has become insolvent. Attorney Christian Otto has been appointed as provisional insolvency administrator. Background information on insolvency is not yet known. The team was already informed on Monday, May 30th, about the insolvency. On the Vantik concept, the website states: “Secure one percent cash back on every payment with the free Mastercard from Vantik. We’ll invest the money for you sustainably and profitably until you retire.”
Vantik, founded in 2017 by Til Klein and Lara Hämmerle (who has long since exited the company), has received financial support in recent years from Atlantic Labs, Seedcamp, STS Ventures, N26 founder Max Tayenthal and, most recently, family office Custos. Several millions are likely to have flowed into the fintech company in the process. The last investment round dates back to April 2021, when the share capital of the young company was more than doubled. The startup described the capital round at that time as “pre-series A financing.”
On Linkedin, the two-person Vantik team most recently celebrated a milestone: “Last October, we reached our first milestone when over $1.07 million (€1 million) were spent with the Vantikcard. Last week, we increased that number tenfold and a total of $10.7 million (€10 million) was spent. We are extremely pleased that our Vantikcard is being diligently used and thus also saved for retirement at the same time.”
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There is currently good and bad news in equal measure, in the German fintech sector
Companies like Klarna, Kontist, and Nuri have recently had to lay off employees. At the same time, young companies like Alloy ($2.8 million), Getquin ($15 million), and Mondu ($43 million) can announce small and large investment rounds. And according to information, Unicorn SumUp is also about to announce a very large investment round. In the course of the new investment round, SumUp will probably be valued at $6.95 billion (€6.5 billion).
Update (June 2): The startup speaks of a “completely surprising” burst funding round. The business operations will continue unabated. However, Vantik is currently no longer allowed to pay out new cashback in favor of customers. “The team around Vantik founder Til Klein wants to pursue the goal and achieve a joint takeover of the company with the participation of a financial investor,” the insolvency administrator informed.
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(Featured image by Mike Lawrence CC BY 2.0 via Flickr)
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