The largest neobank on social media in Europe files for insolvency. „We were unable to overcome the market dynamics to raise additional funding.”

The German neobank Ruuky announced it has filed for bankruptcy after less than three years in operation. In a LinkedIn post Monday (Jan. 9), the Hamburg-based FinTech said the decision comes after the company experienced incredible growth, amassed a loyal customer base, and became the largest Neobank on social media in Europe.

„Today we need to share some difficult news. Unfortunately, Ruuky had to file for insolvency.

When we first started out, we were determined to create a product that would make a difference in Gen Z’s lives, and we poured all of our energy into making that happen. And it paid off. In the last year, we have experienced incredible growth. We have amassed a loyal customer base, and became the largest Neobank on Social Media in Europe.

We are living in challenging times, and despite our best efforts, we were unable to overcome the market dynamics to raise additional funding. This decision to file for insolvency was not taken lightly and breaks our hearts.

We want to thank everyone who is a part of our journey or supports us from the sideline. Every obstacle is an opportunity. We keep fighting and stay resilient as our vision “to enable the young generation to become financially independent” is not fulfilled yet. All customer funds are secured and our apps are fully accessible.„