The last few years have been difficult for the Swedish economy with many companies struggling and applications for bankruptcy have increased significantly.
Now reporting Break it that the startup company Credpoint has been declared bankrupt. Credpoint specialized in offering credit reports with real-time data, which was more up-to-date than the traditional methods.
According to the latest annual report on All companies Credpoint had no revenue for 2023 and reported losses of SEK 3.3 million. The bankruptcy was initiated on July 9.
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The company was founded in 2020 by Hira Syed Zoghlami. Fredrik Reinfeldtformer prime minister, became an investor and chairman of the board the following year.
But after the ex-minister announced in March that he was leaving the company, Credpoint went bankrupt. Fredrik Reinfeldt owned 4.3 percent of the company, corresponding to a value of SEK 2 million. The bankruptcy means that his shares become worthless.
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Increasing bankruptcies in Sweden
In June 2024, 915 companies went bankrupt, an increase of 3 percent compared to June 2023, according to Growth analysis. The number of bankruptcies increased in 12 of Sweden’s 21 counties, with the largest increase in Halland county and a decrease in Jönköping and Dalarna counties. In the metropolitan counties of Stockholm and Västra Götaland, bankruptcies increased, while they decreased in Skåne County.
During the period January to June 2024, the number of bankruptcies has increased in all counties compared to the same period in 2023. In the metropolitan counties, bankruptcies increased most in Stockholm County, with a marked increase in the number of employees affected. The largest percentage increase in bankruptcies occurred in Västra Götaland County.
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