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HomeTechnologyGerman fintech Nuri declares bankruptcy amid ongoing market slump

German fintech Nuri declares bankruptcy amid ongoing market slump

On August 9, the German fintech company Nuri, which was once known as Bitwala, submitted an insolvency petition to a court in Berlin.

As per the company’s recent blog post, the corporation submitted an application for bankruptcy in order to “keep ahead of a prolonged burden on the liquidity of [the] firm.” While it cited socioeconomic concerns brought on by the pandemic and Russia’s incursion into Ukraine as causes contributing to the decision, the company highlighted the collapse of Terra/Luna and the bankruptcy of crypto lending business Celsius as reasons for the filing. Both of these events occurred in 2018.

The company has a cooperation with Solarisbank, another financial technology company located in Germany, Nuri guarantees that the bankruptcy processes will have no impact on the customers’ cash. Through the use of the app, users may continue to access their deposits of euro, bitcoin, ether, and Nuri Pot investments.

According to a statement released by the firm, “For the time being, nothing will change and Nuri’s app, products, and services will continue to function.” In response to the current slump in market conditions, the German company has taken the most recent step of filing for bankruptcy. Late in the month of May, the corporation fired twenty percent of its workforce.

According to Crunchbase, Nuri has successfully completed eight investment rounds and has amassed a total of €42.3 million ($43.2 million) in funding so far. Thirteen different investors contributed to the company’s funding, with Earlybird Venture Capital and Sony Financial Ventures being among them.

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Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.
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