Neobank Ruuky files for insolvency

Through the insolvency proceedings, the start-up wants to preserve jobs and also raise further capital in the long term.

Hamburg-based neobank Ruuky filed for insolvency proceedings on. The company, founded in 2020, has not been able to close any further financing in recent months.

"We have not been able to raise new capital in the current market environment," said Jes Hennig, co-founder and CEO of Ruuky. Market conditions for capital-intensive startups have changed, he said. "This makes us incredibly sad, as we had a great 2022," Hennig said. Neobank has developed a banking app 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 bankruptcy 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 expected to preserve the jobs of the 20-strong team and provide further funding.