Fintech Nuri suffers from crypto crisis

According to media reports, the crypto bank urgently needs additional funding. But potential investors are apparently cautious.

Berlin-based fintech company Nuri is currently in crisis. The struggling crypto bank is in desperate need of more money, several people familiar with the situation told the Handelsblatt explained. But talks with investors are difficult, they said. Admittedly, the search for new backers has not yet failed completely. But following the insolvency of U.S. partner Celsius, the chances of getting fresh investor money in the near future have become much slimmer, insiders said. Nuri declined to comment when asked by the Handelsblatt .

According to Finance Forward the situation at the start-up continues to worsen. Although there are now advanced talks with investors, but the fintech threatened the end if these burst. Most recently, it became known that Nuri wants to cut 45 jobs.

Nuri, long known as Bitwala, is one of the best-known German fintechs. By its own account, the company has more than 400,000 customers and managed total assets of around 500 million euros. Nuri's most recent round of funding took place in June last year. At the time, it added nine million to its December 2020 15 million funding round.