Crowdlending platform Neocredit gradually ceases operations
Published: Friday, Dec 22nd 2023, 09:40
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The insurer Vaudoise is pulling the plug on its crowdlending platform: Neocredit will no longer provide any new financing and will gradually cease its activities until the last loan matures, the insurance group announced in a press release on Friday.
This means that six employees will lose their jobs. However, attempts are being made to employ those affected within the Vaudoise Group, a spokesperson told the news agency AWP.
Since it was founded in 2019, the platform for loans to SMEs has faced headwinds: first, the coronavirus pandemic had a negative impact on all crowdfunding platforms, it said. Then the central banks' interest rate hikes to combat inflation made Neocredit's offering less attractive and at the same time curbed demand for loans from SMEs.
"In view of this situation, Vaudoise has decided to gradually discontinue the activities of Neocredit.ch," the insurance group wrote. The existing loans will be managed until maturity. "For their part, the borrowers will continue to repay their loans as usual," wrote Vaudoise.
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