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Hi there,
The pandemic hasn’t been kind to us, but for some companies, there have been silver linings.
Take Vouch, for instance. Once just a chatbot builder, the firm found its product-market fit in the thick of a global crisis, two years after it pivoted to become a provider of digital concierge services for hotels. In February, Vouch said it has grown sevenfold since the start of the pandemic.
As people like you and me started buying from the comfort of our homes at a frequency like never before, ecommerce and online grocers got a huge boost, and so did digital payment services.
But for other companies, it has been a struggle.
The last few years have been rough on Indonesia’s UangTeman, and the pandemic hasn’t made things easier, as Putra details in this week’s big story.
The online lender is no stranger to controversy. It saw an exodus of senior staff in 2018 and faced a lawsuit earlier this year (which was later withdrawn). But it has bounced back from these setbacks, securing new capital and welcoming new high-profile executives.
But the startup may be on the brink of collapse this time, with salaries owed to employees, income taxes for the staff left unpaid, and its business at a standstill.
Will it rebound? Read on to find out.
— Melissa
THE BIG STORY
UangTeman on the brink of collapse, pins hope on white knight
Image credit: Timmy Loen
The Indonesian lender is no stranger to tough times. But as its business gets hammered by the pandemic, the startup may be running out of lives.
THE HOT TAKE
NEWS YOU SHOULD KNOW
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