The new British boss of Wefox, one of Europe’s biggest insurance technology companies, has warned investors that it could face collapse within months as it contends with a slew of regulatory and financial challenges.
Sky News has learnt that Wefox believes it could become insolvent by the summer unless it can secure the sale of a number of its loss-making operations.
The parlous state of the company, which was valued at $4.5bn (3.6bn) in a funding round less than two years ago and whose lenders include Barclays and JP Morgan, makes it the latest giant of Europe’s tech scene to face an existential crisis.
In a memo circulated to shareholders earlier this month – details of which have been obtained by Sky News – Wefox’s new executive c…
Read the full article at: https://news.sky.com/story/insurance-unicorn-wefox-warns-investors-of-insolvency-risk-13137125