// STARTUP COMPARISON
EasySi vs Wirecard
EasySi failed in 2019 due to Ran Out of Money. Wirecard failed in 2020 due to Fraud. Different causes, different sectors, different eras — but the same simulation outcome.
| METRIC | 🔥 EasySi | 🔥 Wirecard |
|---|---|---|
| Sector | Fintech | Fintech |
| Country | Mexico | Germany |
| Founded | 2015 | 1999 |
| Died | 2019 | 2020 |
| Raised | $8M | Public (DAX) |
| Peak | $8M raised | €24B market cap |
| Primary Cause | Ran Out of Money | Fraud |
// WHY EACH FAILED
🔥 EasySi
Ran Out of Money
EasySi provided working capital loans to Mexican small businesses. After raising $8M it scaled aggressively but Mexico's 2019 economic contraction raised default rates above sustainable levels. Unable to raise a Series B in a deteriorating macro environment, EasySi shut down in 2019.
// LESSON
SME lending in emerging markets is highly sensitive to macro cycles. Build capital buffers for 2x your expected default rate before scaling. The cycle always turns.
SME lending in emerging markets is highly sensitive to macro cycles. Build capital buffers for 2x your expected default rate before scaling. The cycle always turns.
🔥 Wirecard
Fraud
Wirecard, a DAX-listed German payment processor, admitted in June 2020 that €1.9B supposedly held in Philippine bank accounts did not exist. Auditor EY had signed off for nine years. The Financial Times had raised doubts for years. CEO Markus Braun was arrested. COO Jan Marsalek fled to Russia and remains a fugitive.
// LESSON
A DAX listing is not due diligence. If cash balances cannot be independently verified, they do not exist. Auditors sign documents, not reality.
A DAX listing is not due diligence. If cash balances cannot be independently verified, they do not exist. Auditors sign documents, not reality.
// EXPLORE FURTHER