Source: Fintech Global
The move follows months of legal battles for Luko, which has finally managed to land a buyer in the form of Allianz Direct, according to a report from Sifted.
Once a rising star in the French tech scene, Luko faced financial turmoil and filed for bankruptcy in June last year, despite having raised $75m from top investors, including Accel and Speedinvest.
The firm’s financial decline led to a failed €14m deal with FTSE 100 insurance giant Admiral, prompting Allianz Direct to step in. The deal, subject to approval by the French commercial court, aims to rescue Luko from insolvency, retaining its 112-strong staff.
Allianz Direct’s offer of €5m emerged as the highest among several competitors bidding to acquire Luko.