Murky MARKETS

Watchdog Scrutinizes Cashcloud

NFC - Near field communication, mobile payment
Cashcloud wants to meet Apple when it comes to mobile payments. But it has run into trouble.
  • Why it matters

    Why it matters

    Cashcloud continues to rake in praise, even as financial regulators ask questions about its stock’s peculiar price swings.

  • Facts

    Facts

    • At close of business last week, Cashcloud shares listed at €1.42. Last August they sold for €10 a share.
    • When Cashcloud went public in mid-2015, shareholder Steffen Korbach held almost one-fifth of its stock which shot up by over 150 percent in the following weeks.
    • According to reports, Mr. Korbach sold his 19.92 percent share a couple of weeks ago.
  • Audio

    Audio

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Moritz Hunzinger is the talkative type, typical of someone who worked in public relations before making the leap to chief executive of a fintech startup.

So the 57-year-old head of Cashcloud, developer of a mobile payment app, chatted away like a PR expert when a reporter called him for comment Friday night.

A day earlier German financial regulators had warned of “misleading information” in suspicious recommendations to buy Cashcloud stock, published in emails and stock market letters.

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