Start-up of Chancellor's nephew files for insolvency
Sophie Deistler
| 08.07.2022
Shortly after the announcement of its crypto tool Kudona, Rubarb has to file for bankruptcy. No backers were found.
According to information from Finance Forward Rubarb has filed for bankruptcy. According to the report, the fintech had not found a backer for its new service Kudona, an investment tool for cryptocurrencies.
According to co-founder Fabian Scholz, the main reason for this was the difficult market environment and the slump in cryptocurrencies. "Just a few weeks ago, we were allowed to firmly assume a follow-up financing, but this has now shattered due to the aforementioned circumstances," he told Finance Forward. However, customers' funds are not affected by the insolvency, as they are located at partner bank DAB.
Fabian Scholz, Jakob Scholz and Kelvin Craig founded the startup in late 2020, launching with a free savings app that allows people to save and invest money in an automated way. "With rubarb, we want to completely rethink the topic of "savings accounts,"" Fabian Scholz said in the Startbase interview in May 2021. Around 40,000 people now use the app. In May, the founders announced the new service Kudona as an investment tool for cryptocurrencies.
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Startup
2019
Hamburg
rubarb
Fully automated saving and investing in sustainable ETF-portfolios for everyone and entirely for free - the modern savings account.
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