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Nuri terminates business after failing to find an acquirer

Nuri filed for temporary insolvency in August and was hoping to be bailed out by investors

By Amy O'Brien

Berlin-based digital bank Nuri’s business has collapsed, after failing to land fresh investment or find an acquirer.

CEO Kristina Walcker-Mayer has announced that the fintech has “not been able to find investors to continue our mission,” in a blog post published on the company’s website this morning.

“During the preliminary insolvency proceedings, we have worked very closely with our insolvency administrators on a restructuring plan in the past three months and tried to find a potential acquirer to continue our story,” Walcker-Mayer wrote in the post.

Nuri filed for insolvency three months ago, after announcing layoffs as it struggled with the rout in cryptocurrency prices. At the time, Walcker-Mayer said she was confident that the company would be able to develop a “viable long-term restructuring concept.”

Customers have been asked to withdraw their funds by December 18 at the latest so that the business can be terminated and liquidated.

Nuri ensured customers that all the assets in their Nuri accounts were safe and unaffected by the company’s insolvency — and that they can continue crypto trading until the end of November.

Walcker-Mayer thanked Nuri’s employees for having “fought hard for the continuation of our business,” in the blog post. “You went through very tough times with us since the beginning of the year,” she continued.

According to LinkedIn, Nuri has 215 employees, who will now lose their jobs.

Nuri raised money from European investors such as Earlybird and DIP Capital.

Amy O’Brien is a reporter at Sifted. She tweets from @Amy_EOBrien and writes our fintech newsletter — you can sign up here.