An investor states that he wants to join Fintech Cure Finance, but then does not pay any money. Now the Berlin fintech is filing for bankruptcy.
The Berlin fintech Cure Finance thought it had collected almost three million euros from an investor. That was earlier this year. But the sum never reached the startup, how Finance Forward and Finance Scene to report. The consequences are serious: now the Berlin fintech is forced to file for bankruptcy.
What happened?
Cure Finance offers medical practices banking software designed to help manage practice finances. In a first round of financing in 2021 According to the startup, it collected over one million euros for its project, including from VR Ventures/Redstone, from various family offices in Switzerland and Austria and from business angels.
Cure Finance fell for the wrong investor
At the beginning of January this year, Cure Finance CEO and founder Martin Buhl had an appointment with the notary, as reported by Finance Forward. This should seal the deal with the investor who wanted to invest another three million euros: Rio Pierre-Yves Dongour is the name of the businessman who wanted to invest in the fintech with his investment company “Perffin Invest AG”. Buhl relied on this notarization and then hired new people into the company. His plan was to compete with Apobank, the established bank for pharmacists and doctors.
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Nothing will come of it now. The Berlin fintech Cure Finance had to file for bankruptcy because the investor’s money never appeared in their account. The ominous investor Dongour put off the startup for months, writes the financial magazine.
Investor put off startup for months
Dongour only opened his company in Germany in 2022 – in Troisdorf, near Cologne. As Finance Forward reports from company circles, the entrepreneur wanted to collect over 100 million euros for his fund. There was even talk of going public.
In 2018, Dongour had already registered an investment company with the same name in the Netherlands. His investment company’s website says it wants to earn “above-average returns.” However, one searches in vain for previous investments.
The case raises a lot of questions. For example, whether the millions even existed, why the money didn’t flow – and what Dongour’s plan was. In this case, Sascha Feies is the insolvency administrator – and will now do what you do in an insolvency: sell the Berlin fintech, which specializes in banking for medical practices.
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