We have received news that 24Money could be near bankruptcy and has put up a notice on their website that they may have been defrauded.
24Money presented an investment case a few years ago but the campaign was not successful on FundedByMe due to several reasons. There were some question marks regarding the company when their campaign was active on FundedByMe. We therefore chose to pause the campaign temporarily, asked 24Money to supply additional documentation, and also contacted Finansinspektionen, the Swedish financial supervisory authority, to clarify the issue since 24Money was under their supervision. After we received information from Finansinspektionen that they did not see an issue with the company, and 24Money provided additional documentation, the campaign was put live on our platform once again.
However, the campaign did not reach its minimum goal by the end date, and the information that was given to us by 24Money at that time was that no investments were made. As far as we knew, the investment round never happened.
At FundedByMe we always want to bring you the best cases and entrepreneurs. We do thorough background checks on all of our cases – as we did with this one. We do not know more about what is happening with 24Money more than what we have read in the news. We have not been informed through any other channels, and sadly, we do not know how this affects our users.
We are writing this because we want to be open with you, as we always strive to be about our cases. Some cases will fail – some due to negligence, some because the market isn’t ready for them but some cases will also sore to the skies. We support a careful approach to investments big or small.
We hope that there will be more clarity in this matter in the near future. We’ll keep you posted.