Established in 2015, the fintech company with headquarters in Copenhagen ran a smartphone application that encouraged families with kids between the ages of 7 and 18 to develop sound financial practices.

Through the Visa-issued card program, the app allowed users to conduct rapid money transfers, set up financial allowances, create savings goals, and make purchases.

"Earlier this year, we made the difficult decision to close down our beloved start-up, MyMonii, after eight incredible years of building and striving to make it a profitable business," writes CEO and founder Louise Ferslev in a LinkedIn post.

"It was not an easy decision to make. Establishing and growing a business is incredibly difficult and complex. Furthermore, even if we have achieved success in a lot of areas, it is not always sufficient.

"We made sure the shutdown was carried out in a controlled manner, giving our users appropriate notice and a seamless platform exit."

The main rationale for the closure, according to Fersley, was "unit economics," which "never came together in the case when we scaled the business."

"Compared to the revenue we could earn per family, running and growing MyMonii proved to be too costly," the author states. "We were able to break even with MyMonii in the end, but we have a far too tiny crew to expand. Therefore, we were unable to envision how to turn a profit in the future.

Ferslev claims that MyMonii has now been given a "second chance" after being purchased by "new owners." The new owners' identities and their objectives for MyMonii are still under wraps.