Smartphone payment company Powa was once one of the UK’s leading startups but its bankruptcy earlier this year has been blamed upon the lavish spending of its founder Dan Wagner, according to a report in the Wall Street Journal.
The company surprisingly went bankrupt in February, with the report blaming Wagner’s “overspending on lavish offices and partying”.
The fallout around the startup’s failure continues to fall, as billions of dollars were lost upon its failure.
Boston’s Wellington Management asset firm plowed $197 million into Powa from 2013 to 2015, boosting the company’s value to just shy of $3bn.
Wagner claims the company Read full story ›
Source: The Drum
Industry News