Evergreen takes over Rubarb customers

The robo-advisor is offering the fintech's 40,000 customers a switch. Rubarb had to file for insolvency at the beginning of the month.

Good news for customers of the insolvent fintech Rubarb: the robo-advisor Evergreen is ready to take over the Hamburg-based company's customers. Former Rubarb users can continue to pursue their savings goals with Evergreen at identical conditions.

How much Evergreen will pay for this was not disclosed. Iven Kurz, founder and CEO of Evergreen, commented positively on the takeover: "We are delighted that we can offer Rubarb customers a sustainable and uncomplicated way to continue saving for their dreams."

Rubarb had generated a lot of attention in recent months, mainly because the founders Fabian Scholz and Jakob Scholz are nephews of German Chancellor Olaf Scholz. However, they had to file for insolvency at the beginning of July. They had previously attempted a pivot towards a crypto offering, but at the worst possible time. According to the insolvency administrator, the then subsidiary Kudona, based in Lithuania, is not affected by the proceedings, as Finance Forward reports.