The fintech is the latest coronavirus-related casualty.
The Hamburg-based fintech applied for “preliminary bankruptcy” last week citing the coronavirus-related economic turmoil as the reason.
Monedo reportedly fell into the red after several European governments passed laws meaning that borrowers could postpone loan repayments because of the coronavirus pandemic.
The fintech was particularly affected by the new laws introduced by the Spanish and Polish governments, the fintech’s largest markets.
Monedo has appointed Christoph Morgen from law firm Brinkmann & Partner as the preliminary insolvency administrator.
In a statement, Morgen said: “I plan to continue operations and have already started talks with possible financiers.”
“It is my goal to bring the investor process, which was started before the insolvency application and which according to the Monedo management looks promising, to a successful conclusion.”