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Berlin-based Crypto Bank Nuri (Formerly Known as Bitwala) With 500.000 Clients Has to File for In... — Founder Interview

Updated: Apr 30

Image by WorldSpectrum from Pixabay

What Is This About?

Berlin-based crypto bank Nuri, formerly known as Bitwala, served 500,000 clients before filing for insolvency. After cutting 20% of its workforce and failing to secure a €30-40M funding round, the collapse became a cautionary tale about the crypto winter's impact on European fintech.

  • This blog post first appeared first on old medium publication (https://medium.

  • We have kept up with the development of Bitwala (in the meantime rebranded to Nuri) since our interview in April 2020.

  • First, they made headlines by cutting 20% of their workforce, while looking for 30–40 m Euros in funding.

  • Now, yesterday they had — unfortunately — to file for insolvency :-(.

  • According to Nuri their clients can still withdraw their account balances in Euro, their cryptocurrencies in their wallets, and from the investment vehicle Nuri Pots.


Image by WorldSpectrum from Pixabay

New Blog


In this episode of Startuprad.io, host Jörn "Joe" Menninger sits down with the founder of Berlin to explore how this DACH-based startup is tackling real market challenges. From early-stage hustle to scaling strategy, this founder interview dives deep into what it takes to build a startup in the German-speaking ecosystem.

This blog post first appeared first on old medium publication (https://medium.com/startuprad-io), and was moved to this blog with the relaunch of our website in summer 2024.



We have kept up with the development of Bitwala (in the meantime rebranded to Nuri) since our interview in April 2020. We have also kept up with their recent troubles, being caught between a rock and a hard place. They have been hit by the funding freeze for privately held companies, the recent crypto crash, AND the Celsius Network insolvency.


First, they made headlines by cutting 20% of their workforce, while looking for 30–40 m Euros in funding. Then they have also been hit hard by the Celsius Network insolvency, which also held funds from Nuri’s clients. Nuri can not be sure to recover its clients' funds at this point.


Now, yesterday they had — unfortunately — to file for insolvency :-(. This is one of the first insolvencies of a crypto fintech in Germany. Nuri is also a large one with around 500.000 clients, mostly from Germany.


You can learn more about the filing here (the link opens the text of filing on a German website):


According to Nuri their clients can still withdraw their account balances in Euro, their cryptocurrencies in their wallets, and from the investment vehicle Nuri Pots.

We hope Nuri finds a way out of these troubles.

You can learn more about the original founder and his vision in our interview from April 2020 here:


What Happened to Nuri (Bitwala)?

Nuri, the Berlin-based crypto bank formerly known as Bitwala with 500,000 clients, filed for insolvency in 2022. Previously a Startuprad.io guest, the company first cut 20% of its workforce while seeking €30-40M in funding, then had to file for insolvency. Clients could still withdraw Euro account balances and cryptocurrency holdings during the process.

Introduction

This episode covers a story Startuprad.io has followed since first interviewing the company when it was still called Bitwala. The Berlin-based crypto bank, which rebranded to Nuri and built a client base of 500,000, had to file for insolvency. The decline came in stages: first came headlines about cutting 20% of the workforce while actively seeking €30-40 million in funding, and then came the insolvency filing. Nuri assured clients they could still withdraw their Euro balances and cryptocurrency holdings during the proceedings.

Nuri, formerly Bitwala, represents one of the most notable casualties of the 2022 crypto winter in the German startup ecosystem. The Berlin-based crypto bank had grown to 500,000 clients before running into financial difficulties. After cutting 20% of its workforce and failing to secure €30-40 million in emergency funding, the company filed for insolvency. Startuprad.io had previously interviewed the founders and tracked the company's development from its Bitwala days through the rebrand to Nuri. Clients were reassured they could still access their funds.

  • Nuri (formerly Bitwala), a Berlin-based crypto bank with 500,000 clients, filed for insolvency during the 2022 crypto winter.

  • The company first cut 20% of its workforce while seeking €30-40 million in funding, but ultimately could not avoid insolvency.

  • Clients were assured they could still withdraw their Euro account balances and cryptocurrency holdings during the insolvency proceedings.

  • Startuprad.io had previously interviewed the founders when the company was still called Bitwala, tracking its full arc from growth to insolvency.

Entities Referenced in This Episode

Startups

  • Nuri / Bitwala — Berlin-based crypto bank, 500K clients, filed insolvency 2022

Cities

  • Berlin — Nuri/Bitwala headquarters

People

  • Jörn "Joe" Menninger — Startuprad.io host

Topics

  • Crypto insolvency, crypto winter 2022, crypto banking, startup failure, layoffs, German fintech

Relationship Map

  • Bitwala → rebranded to → Nuri

  • Nuri → grew to → 500,000 clients

  • Nuri → cut 20% workforce → then filed insolvency

  • Startuprad.io → previously interviewed → Bitwala/Nuri founders

Quote Highlights

  • On the insolvency: Berlin-based crypto bank Nuri, formerly known as Bitwala, served 500,000 clients before filing for insolvency.

  • On the warning signs: First made headlines by cutting 20% of their workforce, while looking for 30-40 million Euros in funding.

  • On client protection: According to Nuri, clients can still withdraw their account balances in Euro and their cryptocurrencies from wallets.

  • On context: Startuprad.io had previously interviewed Nuri (then Bitwala) in April 2020 and tracked the startup's development.

  • On the crypto winter: The collapse became a cautionary tale about the crypto winter's impact on European fintech.

Related Episodes on Startuprad.io

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What happened to Nuri?

Nuri, the Berlin-based crypto bank formerly known as Bitwala, filed for insolvency in 2022. The company had 500,000 clients but could not survive the crypto winter after cutting 20% of staff and failing to raise €30-40 million in emergency funding.

Is Nuri the same as Bitwala?

Yes, Nuri was formerly known as Bitwala. The Berlin-based crypto banking startup rebranded from Bitwala to Nuri before eventually filing for insolvency in 2022.

Could Nuri clients withdraw their money?

According to Nuri, clients could still withdraw their Euro account balances and access their cryptocurrency holdings during the insolvency proceedings.

About the Host

Joern "Joe" Menninger is the host of the Startuprad.io podcast and covers founders, investors, and policy developments across the DACH startup ecosystem. Through more than 1,300 interviews and nearly a decade of reporting, he documents the evolution of the European startup landscape. Follow Joern on LinkedIn.

Support Startuprad.io

Companies building in fintech, crypto, and digital banking use Startuprad.io to reach founders, operators, and decision-makers across the DACH ecosystem. If that fits your goals, explore partnerships here: Partner with Startuprad.io

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