LOCs underpinning Vesttoo’s business ‘largely illusory’
  • X
  • LinkedIn
  • Show more sharing options
  • Copy Link URLCopied!
  • Print
  • X
  • LinkedIn

© 2024 Insider International Limited, company number 15236286, 4 Bouverie Street, London, EC4Y 8AX. Part of the Delinian Group. All rights reserved.

Accessibility | Terms of Use | Privacy Policy | Modern Slavery Statement



LOCs underpinning Vesttoo’s business ‘largely illusory’

vesttoo logo penrose .jpg

The vast majority of letters of credit (LOCs) issued by beleaguered InsurTech Vesttoo as it built its business have turned out to be fraudulent, the result of an elaborate deception that included impersonation of bank officials, according to findings made public as part of the company’s bankruptcy case.

Since 2020, Vesttoo quoted 96 and closed 65 transactions with collateral totaling roughly $3.9bn, according to the filing.

LOCs issued by China Construction Bank underpinned about $2.8bn

Request a free trial:

Fuel a smarter strategy with our actionable market intelligence

    • Gain a competitive edge and accelerate decision-making
    • Be empowered by insights that transform confusion to clarity
    • Uncover growth opportunities and prepare for potential threats
Gift this article