German neobank Ruuky has filed for insolvency after failing to secure new funding.
Founded three years ago as Pockid, the company rebranded to Ruuky one year later, introducing an interactive banking app, current account, and debit card tailored for European teenagers. Despite claiming a loyal customer base with 250,000 app registrations, the firm has been impacted by a prolonged shortage of venture capital funding.
“We are living in challenging times, and despite our best efforts, we were unable to overcome the market dynamics to raise additional funding,” the company stated. “This decision to file for insolvency was not taken lightly and breaks our hearts.”
Previously, Ruuky had raised €4 million from Cavalry Venture and Vorwerk Ventures, with a valuation of €16 million. Currently, the startup, which employs 28 people, is seeking a buyer for the business while keeping accounts open as it winds down operations.