Neobank Ruuky files for insolvency

The start-up intends to use the insolvency proceedings to preserve jobs and raise additional capital in the long term.

Hamburg-based neobank Ruuky has filed for insolvency proceedings to be opened. The company, which was founded in 2020, has been unable to conclude any further financing in recent months.

"We have not been able to raise new capital in the current market environment," says Jes Hennig, co-founder and CEO of Ruuky. The market conditions for capital-intensive start-ups have changed. "This makes us incredibly sad, as we had a great year in 2022," says Hennig. Neobank has developed a banking app designed to enable young people to make digital payments. According to the company, the average user is 16 years old.

Ruuky has informed existing customers about the insolvency proceedings. Customers' deposits are not affected and access to the banking app will continue. Only account openings will not be possible for the time being. The insolvency proceedings are intended to preserve the jobs of the 20-strong team and secure further funding.