Berlin-based Crypto-focused Neobank Nuri to Shut Down Business Operations

Nuri was founded in 2015 under the name Bitwala with the purpose “to make Bitcoin spendable.”

Over the years, the business has “gone through several transformations and re-positionings, ups and downs,” until it has become Nuri, the bank account “to grow your money.”

The team’s vision was “to create a world where everyone is empowered to build their financial future.” The firm wanted “to provide people with innovative ways to manage and grow their wealth.” Their plans were ambitious, and they were “aiming to execute them in full-speed.”

Nuri’s management noted in a blog post that this year, the challenges “have become insuperable due to the tough economic & political environment of the past months, which kept [them] from raising new funds or finding an acquirer.”

On top, the insolvency of one of their main business partners “worsened the situation significantly and put [them] over the edge.” As a result, Nuri had “to file for temporary insolvency in August this year.”

During the preliminary insolvency proceedings, they have “worked very closely with our insolvency administrators on a restructuring plan in the past 3 months and tried to find a potential acquirer to continue our story.”

Unfortunately, they have “not been able to find investors to continue our mission and have asked [their] customers to withdraw their funds by 18/12/2022 the latest, so the business can be terminated and liquidated.”

Customers have access and “will be able to withdraw all funds until the aforementioned date.”

All assets in your Nuri account “are safe and unaffected by Nuri’s insolvency.” Trading will be possible “until 30/11/2022.”

Nuri looked “beyond old boundaries, leveraging new technologies, including blockchain and decentralised finance to open up a wide range of possibilities for anyone to manage and grow their money.”

They have “built a product that was always at the forefront of innovation by democratising access to novel ways to bank, store and transfer value and create wealth with a strong focus on being diverse and inclusive.”

Even though they weren’t able to continue writing their story, “the power of technology and the endless possibilities of blockchain-based finance won’t end here.”

The team still believes in innovative financial technology and is “convinced that Blockchain, cryptocurrency, and decentralised finance will offer opportunities that add true value to the lives of people.”

Still, financial innovation “should be safe, understandable, and easy to use for as many people as possible.” They are excitingly “looking up to all the brave founders and builders out there, who resiliently keep building a new, fair, diverse, inclusive and disruptive financial system.”

The firm’s management noted:

“Thank you to our customers for your trust and support from day one. You were the reason we started this product. Your engagement and continuous feedback were our key drivers to continuously challenge the status quo and upgrade your experience. It makes us truly sad that we won’t continue this journey together.”

They added:

“Thank you to our employees. Until the very last day, you showed your loyalty to our customers, to our company and joint vision and fought hard for the continuation of our business. You went through very tough times with us since the beginning of the year and constantly rolled up your sleeves to face the next challenge together, constructively and positively. It was an honour to work with you. Every single day.”

They also mentioned:

“Thank you to our shareholders and partners for believing in our product, for your constant support and trust during the past years. We would have loved to write this success story together with you and make all of us proud for being brave enough to disrupt a complex sector.”

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