Investor process for Neobank Ruuky starts

After the Hamburg-based fintech filed for insolvency, 20 interested parties have already come forward.

Just recently, Hamburg-based neobank Ruuky filed for insolvency proceedings. Insolvency administrator Jens-Sören Schröder, a partner at law firm Johlke Niethammer, says he has already received 20 expressions of interest. Among the interested parties, he said, are strategic investors such as banks and fintechs, as well as private equity firms.

"Based on the remarkable investor interest at this early stage, I am very confident that the investor search for Ruuky will be successful," Schröder says. Currently, many credit institutions and other financial service providers are looking for strategies to digitally address young people and retain them as customers, he said. "Ruuky has this special know-how and can now act as a growth engine for established market players." The company, founded in 2020, has not been able to close any other funding rounds in recent months. "Building a neobank is capital-intensive due to complex regulatory requirements, so despite our good developments, we have not managed to raise new capital in the current market environment," said Ruuky co-founder and CEO Jes Hennig. The insolvency proceedings are expected to preserve the jobs of the 20-strong team.