News has learned that Wefox believes it will be insolvent by the summer unless it can sell a number of its loss-making companies.
The company, which was valued at $4.5 billion (£3.6 billion) in a fundraising round less than two years ago and has lenders including Barclays and JP Morgan, is the latest European software behemoth to face an existential problem.
News has uncovered information of a memo distributed to shareholders earlier this month by Wefox’s new leader.
Mark Hartigan, chairman and CEO, detailed a gloomy scenario in which the holding company “becomes insolvent in August, or potentially even earlier.”
