Unicorn once worth $2.7B collapses into bankruptcy

A British unicorn - describing private companies valued at more than $1 billion - is now bankrupt.

E-commerce startup Powa Technologies was valued at $2.7 billion a few months ago. It went bankrupt Friday, and on Tuesday laid off 74 people from its staff of 311.

Powa created a mobile payment app and point of sale terminals for retailers.

However, it failed to win customers and never became profitable, according to CNNMoney.

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