Open Finance applies for bankruptcy

Open Finance applies for bankruptcy

The Management Board of Open Finance has filed for bankruptcy. It was filed with the Warsaw District Court.

The reason for the bankruptcy of the largest credit intermediary in Poland is the significant deterioration of the company’s financial situation and too low revenues that do not cover its costs. The problem is also the lack of prospects for obtaining financing that would allow the company to operate in the coming months.

After three quarters of this year Open Finance had a net loss of PLN 13.8m. Sales revenue on the other hand amounted to PLN 91.27mn compared with PLN 155.06mn a year earlier.

Getin Noble Bank owns 42.9% of Open Finance shares. Idea Money owns 17.7% of the company’s shares.

Source: https://www.money.pl/banki/najwiekszy-posrednik-kredytowy-w-polsce-zlozyl-wniosek-o-ogloszenie-upadlosci-6720929571240832a.html

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