The insurance start-up Luko has requested the opening of an accelerated safeguard procedure to facilitate the payment of its debt, AFP learned on Saturday, confirming information from L’Argus de l’Assurance.
“A request for opening (a backup procedure, editor’s note) has been made,” a source familiar with the matter told AFP.
According to L’Argus de l’Assurance, the application was filed with the Bobigny commercial court and aims to obtain “a surcharge on the debt of 45 million euros” from the young outbreak created in 2018.
A debt of 45 million euros
Luko’s business model is “good” and the start-up is “sustainable,” the source close to the file assured AFP, indicating that no job cuts are expected to date among the 180 employees.
The request to open a safeguard proceeding comes after two acquisitions made in 2022 by Luko: first that of German insurer Coya in January, then that of French non-payment insurance specialist Unkle in March.
A fundraiser to bring fresh money to Luko after these two acquisitions was planned but never took place and therefore the company failed to settle a €12 million payment in April to Unkle, L’Argus explains. from L’Assurance.
The specialized media stresses that the safeguard procedure request is aimed at rescheduling the entire debt of 45 million euros contracted by Luko with its creditors and not just the 12 million euros owed to Unkle.
Luko has more than 400,000 policyholders on its site and a presence in several European countries. Initially specializing in home insurance, it has since diversified into debtors’ insurance.
Source: BFM TV
