Crypto Neobank Nuri Shutters Operations

Nuri, a Germany-based neobank that provides crypto investing tools, has closed after failing to get outside funding.

After declaring insolvency in August due to the economic slump, CEO Kristina Walcker-Mayer said in a statement on Tuesday that Nuri had attempted to work out restructuring solutions that would allow it to continue operations.

According to Dealroom statistics, the business had obtained $45 million in capital from investors such as Sony Financial Ventures, Coparian, and Earlybird Venture Capital. Walcker-Mayer said:

“This year, the challenges have become insuperable due to the tough economical and political environment of the past months, which kept us from raising new funds or finding an acquirer. On top, the insolvency of one of our main business partners worsened the situation significantly and put us over the edge.”

Due to the failure to locate a buyer or get more finance, Nuri has urged its clients to withdraw their monies by December 18 so that the firm may be dissolved and liquidated.

Through a collaboration with banking-as-a-service provider SolarisBank and a non-custodial wallet, Nuri allows users to invest in Bitcoin and Ether using a German bank account. Trading on the site will be allowed until the end of next month, with all assets secure and untouched by the firm’s earlier insolvency procedures, according to Nuri.

Walcker-Mayer concluded her speech by praising Nuri’s customers and staff (the company has slightly over 200 employees, according to LinkedIn).

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