Three years after buying startup PayCash Europe, Daimler has announced it will regroup its activities in Germany
Daimler Group has decided to withdraw its Luxembourg fintech, Mercedes Pay, to move its payment solutions service to Stuttgart and Berlin.
41 employees will start negotiations with unions and management this Thursday afternoon, according to Paperjam.
According to commercial register documents, the fintech had accumulated debts of more than €23 million as of 31 December 2018. This obliged the parent company to proceed with a capital increase in October 2019 of more than €10m.
On 16 January, 2017, Daimler announced that it had acquired the start-up PayCash Europe before transforming it into Mercedes Pay. The service was designed for customers to pay for mobility and services via smartphone.
PayCash Europe, launched in 2012, had an e-money licence from the regulator and offered mobile payment, bitcoin management and e-wallet solutions.