zestmoney: Fintech flashpoint: How ZestMoney’s collapse mirrors the turbulence in the industry

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Fintech flashpoint: How ZestMoney's collapse mirrors the turbulence in the industry
Fintech flashpoint: How ZestMoney's collapse mirrors the turbulence in the industry

Image credit: Illustration by Salman via AI

Synopsis

ZestMoney’s fall to death from USD440 million valuation in a matter of a year puts question marks on the poor loan recovery among fintech lenders. What is in store for the BNPL platforms which rapidly expanded on the back of unsecured loans?

On December 5th evening, ZestMoney’s top leadership convened a crucial town hall meeting. In a startling announcement, they declared that the fintech startup would cease operations by December 31. They informed the staff that all lending activities would stop and advised them to seek new employment opportunities. Now, e-mails to the official IDs of the company’s CXOs bounce back with ‘delivery failure’ notifications. These were the tragic end

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zestmoney: Fintech flashpoint: How ZestMoney’s collapse mirrors the turbulence in the industry


Fintech flashpoint: How ZestMoney's collapse mirrors the turbulence in the industry
Fintech flashpoint: How ZestMoney's collapse mirrors the turbulence in the industry

Image credit: Illustration by Salman via AI

Synopsis

ZestMoney’s fall to death from USD440 million valuation in a matter of a year puts question marks on the poor loan recovery among fintech lenders. What is in store for the BNPL platforms which rapidly expanded on the back of unsecured loans?

On December 5th evening, ZestMoney’s top leadership convened a crucial town hall meeting. In a startling announcement, they declared that the fintech startup would cease operations by December 31. They informed the staff that all lending activities would stop and advised them to seek new employment opportunities. Now, e-mails to the official IDs of the company’s CXOs bounce back with ‘delivery failure’ notifications. These were the tragic end

  • FONT SIZE
  • SAVE
  • PRINT
  • COMMENT

New Feature
Refer & Earn

Uh-oh! This is an exclusive story available for selected readers only.

Worry not. You’re just a step away.



Source link

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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