Nuri, a Berlin-based neobank, is closing its doors for good because of insuperable challenges that prevented it from raising new funds or finding an acquirer. The firm filed for insolvency in August after terminating 20% of its employees because of falling cryptocurrency prices.
Nuri has worked very closely with its insolvency administrators on a restructuring plan. It’s trying to find a potential buyer as well. Kristina Walcker-Mayer, CEO at Nuri, said the neobank has not been able to find investors to continue its mission. It has asked customers to withdraw their funds by December 18 at the latest for the business to be terminated and liquidated. Walcker-Mayer said the business went through several transformations and re-positionings, ups and downs until it became Nuri. She shared that Nuri wanted to provide people with innovative ways to manage and grow their wealth.
However, 2022 has been full of challenges for the crypto industry and Nuri had some tiring times. Nuri said challenges have become insuperable due to the tough economical and political environment of the past months. The insolvency of Celsius, which was one of Nuri’s main business partners, worsened the situation significantly, putting the neobank on the edge.
Unfortunately, Nuri has not been able to find a potential acquirer to continue its story. Walcker-Mayer said customers have access and will be able to withdraw their funds until the aforementioned date. Until then, assets in Nuri accounts are safe and unaffected by the neobank’s insolvency. Trading can continue till November. Despite the difficult phase that it’s going through, Nuri believes in the power of technology and the endless possibilities of blockchain-based finance. The executive said blockchain, cryptocurrency, and DeFi will offer opportunities that add true value to the lives of people. The neobank also acknowledges that financial innovation should be safe, understandable and easy to use for the masses.