Start-up of Chancellor's nephew files for insolvency

Shortly after announcing its crypto tool Kudona, Rubarb has to file for insolvency. No backers could be found.

According to information from Finance Forward Rubarb has filed for insolvency. The fintech was unable to find backers for its new service Kudona, an investment tool for cryptocurrencies.

According to co-founder Fabian Scholz, the main reason for this is the difficult market environment and the slump in cryptocurrencies. "Just a few weeks ago, we were confident of follow-up financing, but this has now been dashed due to the aforementioned circumstances," he told Finance Forward. However, customers' funds are not affected by the insolvency, as they are held at the partner bank DAB.

Fabian Scholz, Jakob Scholz and Kelvin Craig founded the start-up at the end of 2020 and launched it with a free savings app that makes it possible to save and invest money automatically. "With rubarb, we want to completely rethink the concept of a savings account," said Fabian Scholz in a Startbase interview in May 2021. Around 40,000 people now use the app. In May, the founders announced the new Kudona service as an investment tool for cryptocurrencies.