Adapting to a new situation: Going forward with Nuri’s insolvency
What has happened so far, why we’re staying optimistic, and why you may be too.
On Tuesday, 9 August 2022, Nuri filed for insolvency to ensure the safest path forward for the financial future of all of our users. And as we’ve said before: While this may affect the direction we’re going in, your funds and investments with Nuri are safe and unaffected by this decision.
Optimistic with good reason
First of all: A temporary insolvency is not the end. Instead, it can give us the chance to adapt to a new situation – a company value that has always been a big driver for us throughout the history of Nuri.
The effects of the ongoing challenging market developments have had drastic effects on many businesses – with Nuri unfortunately being no exception. We’ve made this step to be able to reorganise as a company and find ways to evolve.
This means that Nuri is now supported by experts on the matter: The insolvency administrators. They help us keep our product and service standards high and, together with Nuri’s management, find new investors to help us build the future of the company. And it’s going well so far – as Jesko Stark, lawyer in the Berlin law firm GT Restructuring and Nuri’s temporary insolvency administrator, said in last week’s press release:
“The insolvency now offers new opportunities to sustainably restructure the business and to attract investors.
After initial talks with interested parties, I am very confident and will continue these in the upcoming weeks. The investors want to continue and further develop Nuri's business model, partly in a modified form. There is great interest in the digital platform with over 200,000 customers in 32 European countries and Nuri's technically skilled employees with their outstanding know-how in fintech sales.”
Changes for Nuri, not your funds
Can Nuri really file for insolvency without our users having to fear about their funds? The short answer is: Yes, absolutely.
We want to give you diversified options to grow your wealth based on your needs. To do so, we’ve been collaborating with different partners under the Federal Financial Supervisory Authority BaFin:
Solaris for your Nuri bank account and trading in cryptocurrencies, Solaris Digital Assets for your Nuri Wallets, and Bankhaus von der Heydt for your investments with Nuri Pots.
With your Nuri Vaults, only you as the sole keyholder have access to your cryptocurrencies. All this doesn’t change.
Nuri offers brokerage under the licensing umbrella of regulated institutions. We have no direct access to your funds and our current situation doesn’t affect these. We help you invest, but you’re in charge.
A chance to grow in a new direction
Long story short: The current situation can be a chance for Nuri to reorganise and recover.
Your investments and your financial well-being remain important to us and empowering you to take charge of your financial future with us is a vision we stand by. While the upcoming weeks will show in which direction we’ll go and grow next, we’ll always make sure to keep you up to date about the latest material developments and give you enough time to make the right decisions for yourself and your funds.
We’re grateful and proud to have been on this many exciting adventures with such a bunch of unique, forward-thinking, and loyal people on board for the past 7 years already – and we’re eager to see what the future will bring.