Nuri files for bankruptcy

After months of searching for investors, the crypto start-up has now run out of money.

Fintech Nuri filed for insolvency on August 9, as t3n reported. This is evidenced by an entry in the insolvency register. The crypto bank had been struggling for months to find new investors. According to information available to t3n , neither Pavilion Capital, which was considered a potential investor, nor the previous shareholders were able to provide the necessary liquidity in the short term. The search for new investors had been a struggle for the cryptocurrency bank for months. Nuri's management therefore had to inform the shareholders by email about the filing of insolvency proceedings with the local court. Christoph Iwaniez, CFO and Managing Director, explained that he assumed that the Berlin court would accept the insolvency application. The next step would be to appoint an "insolvency advisor" within 24 hours.

Founded in 2015, Neoank Nuri enabled its customers to lend their own cryptocurrency assets at a profit with a "Bitcoin income account". The Berlin-based fintech offered its investors the opportunity to receive payouts in weekly increments and earn a return of up to three percent per year on their Bitcoin. The US crypto expert Celsius Network and the Berlin-based fintech worked together on this project. Celsius had to file for bankruptcy at the beginning of July. As a result, millions of Nuri's customer funds were frozen. According to Crunchbase, Nuri received a total of 42.3 million euros in eight fundraising rounds. The most recent financing was raised in a Series B round on June 27, 2021. The VC firm Earlybird Venture Capital is one of the most important investors and has contributed around ten million euros and 30%.