The PayU and Rakuten-backed digital lending platform has filed for bankruptcy after regulatory changes in two markets meant customers halted loan repayments.

Monedo, a Germany-based online consumer lending platform backed by digital payment services firm PayU and e-commerce company Rakuten, filed for bankruptcy last week according to Manager Magazin. Founded in 2012 as Kreditech, Monedo operates a microcredit lending platform that relies on algorithms to determine a consumer’s creditworthiness, making it possible even for applicants with bad…

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