Fintech Nuri suffers from crypto crisis

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

The Berlin-based fintech company Nuri is currently in crisis. The ailing crypto bank urgently needs more money, as several people familiar with the situation told the Handelsblatt explained. However, talks with investors are proving difficult. The search for new investors has not yet failed completely. However, following the insolvency of US partner Celsius, the chances of obtaining fresh investor funds in the near future have diminished considerably, according to the insiders. When asked by Handelsblatt , Nuri declined to comment.

According to Finance Forward the situation at the start-up continues to worsen. Although talks with investors are now at an advanced stage, the fintech is threatened with collapse if these fall through. It was recently announced that Nuri intends to cut 45 jobs.

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