Today I received an e-mail from Kuetzal explaining the situation at the company and announcing that there are going into a wind-down.
Dear Kuetzal investor,
Our team wants to apologize for delays in payments and replies to e-mails received.
Unfortunately we have to inform that Kuetzal is announcing wind-down, furthermore the company will only process withdrawals of the funds, the company is no longer accepting new project applications, investors registrations and deposits. Company’s reputation was harmed sufficiently for the past weeks, and Kuetzal management does not see a way to recover investor’s activity, therefore we may not return to usual working process. The mission of the company may not be reached anymore.
Due to high number of reports, claims and negative messages SEB Bank and PAPAYA (the only two banks that Kuetzal used) initiated the AML check and has temporarily blocked Kuetzal’s bank accounts. Kuetzal is currently unable to perform any operations for undefined period. Kuetzal management is aiming to reestablish the activity of both operational bank accounts and perform buy-backs and withdrawals in shortest terms respectively.
Kuetzal will keep the investors informed.
We have not been able to make Kuetzal a successful player on crowdfunding market. We will however aim to exit the market quietly with minimum repercussion to our customers and the whole crowdfunding market. The website functions furthermore will be limited, only the user area will be kept. All the user area functions will continue working as before.
In case of technical issues with withdrawals or other question we kindly ask to use our contact mail instead of social networks or cellphone to receive the fastest service.
Today I received an e-mail from Envestio, reacting on the recent developments around Kuetzal.
Envestio reacts to panic on Baltic crowdfunding market, caused by collapse of Estonian platform Kuetzal, by returning its former COO Evgeniy Kukin back on his position.
The end of 2019 on Baltic crowdfunding market has been quite challenging for all players, as failure of Kuetzal platform caused a crisis of trust and provoked many investors to withdraw their funds from the market.
Envestio also faced a number of pre-mature investment buybacks and subsequent withdrawal of funds, which were accomplished without any delay and in full amount thanks to Envestio’s reserve fund, which in present circumstances varies from EUR 500 000 up to EUR 800 000.
Furthermore, in order to minimize the room for negative rumors and speculations, caused by changes in the management board of Envestio, which took place almost simultaneously with similar changes in Kuetzal (due to absolutely different reasons, though – Envestio was purchased by a solid European investor) the new owner of Envestio, Mr. Arkadi Ganzin has reached the agreement with former COO of Mr. Envestio Evgeniy Kukin to return to this position starting from January 15, 2020.
At the same time, Mr. Eduard Ritsmann, who was appointed to the position of COO and Development Director right after the sale of the platform in December 2019, will continue working for Envestio as the Head of Sales.
Hence, no parallels should be drawn between Envestio and Kuetzal cases, as Envestio retains onboard the whole team of professionals, with which it became one of the leaders of the Baltic crowdinvesting market, earned trust of almost 15 000 registered investors, and kept perfect payment discipline as well as is in command of solid financial reserves to ensure uninterrupted and trustworthy operational activity.