Nuri, a Germany-based neobank that offers crypto investment tools, has shut down after failing to find outside investment.
The company had previously raised $45 million in funding from investors including Sony Financial Ventures, Coparian and Earlybird Venture Capital, according to Dealroom data.
After filing for insolvency in August amid the downturn, CEO Kristina Walcker-Mayer said in a statement on Tuesday that Nuri had tried to work out restructuring strategies that would enable it to continue.
“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,” said Walcker-Mayer. “On top, the insolvency of one of our main business partners worsened the situation significantly and put us over the edge.”
This inability to find an acquirer or procure further funding has meant that Nuri has asked its customers to withdraw its funds by Dec. 18 so that the company can be terminated and liquidated.
Nuri provides users the ability to invest in bitcoin and ether from a German bank account through a partnership with banking-as-a-service firm SolarisBank, along with a non-custodial wallet. Trading on the platform will be permitted until the end of next month, with all assets safe and unaffected by its previous insolvency proceedings, Nuri said.
Walcker-Mayer ended her statement by thanking Nuri’s customers and employees — according to LinkedIn, the firm has just over 200 employees.