Fintech Nexus, a prominent name in the Fintech community formerly known as LendIt, has announced it will be closing down and filing for bankruptcy.
Last year, Fintech Nexus exited large scale events – a sector of the Fintech industry the organization had largely dominated in the US expanding into Europe, Asia and Latin America. This portion of the business was sold off to Fintech Meetup. The last event was held in 2023 during a difficult economic environment with lighter participation and many big names not showing up to the once-must-see event.
This decision comes after an eleven-year journey that saw the company evolve from a small event-focused organization into a significant digital media player in the fintech sector.
Founded in 2013, Fintech Nexus initially aimed to connect professionals in the burgeoning online lending market. The venture quickly expanded beyond its original scope, hosting large-scale international events that attracted thousands of participants.
Over the years, the company held 31 major events across the United States, United Kingdom, Europe, China, and Latin America, transforming into a vital forum for Fintech dialogue and business.
Despite the success in event management, Fintech Nexus faced significant challenges in recent years.
The COVID-19 pandemic forced the company to pivot more towards digital media as physical events were disrupted globally. This transition, however, did not prove financially sustainable.
Peter Renton, Chairman and co-founder, noted that despite efforts to support the digital media business independently of the events segment, profitability remained elusive.
The downturn in Fintech investments in 2023 further exacerbated the situation, leading to a disappointing financial outcome from their flagship USA event.
Consequently, the events business was sold in June 2023, leaving the company to focus solely on its digital offerings.
Renton shared the developments in a heartfelt post, reflecting on the highs and lows of the company’s trajectory.
He emphasized the community and connections fostered through Fintech Nexus, recalling numerous instances where partnerships formed at their events flourished into successful collaborations.
Despite the closure, Renton announced that his involvement with the Fintech community is far from over. He plans to continue producing the “Fintech One-on-One” podcast, which has been a part of the landscape before Fintech Nexus and is approaching its 500th episode.
The website will remain active for a few months under the supervision of the Chapter 7 Bankruptcy Trustee, serving as a resource for Fintech enthusiasts.
As the bankruptcy trustee takes over to liquidate the remaining assets, Renton looks forward to new projects and maintaining his presence in the Fintech conference circuit, signaling an optimistic outlook on his future engagements in the industry.
Co-founders Renton and Bo Brustkern have posted a video regarding their decision, which is available below.
