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News

Vivid Money takes over customer base from Nuri

Monday 24 October 2022 15:48 CET | News

Germany-based neobank Vivid Money has announced that it will take over the customer base of the insolvent crypto bank Nuri. 

From now on, Nuri customers will be forwarded to the Vivid app. Users can create an account there and transfer their credit directly. Vivid is a European-based provider of a mobile crypto and banking app with whom Nuri users will be able to continue to manage their daily finances and trade cryptocurrencies.

Why Nuri is shutting down

The crypto bank asked customers to withdraw their funds by 18th December 2022 at the latest, so the business can be terminated and liquidated. Users have access and will be able to withdraw all funds until that date. All assets in the Nuri account remain safe and unaffected by Nuri’s insolvency and trading will be possible until 30th November, 2022.

During the preliminary insolvency proceedings, the crypto bank stated that they worked very closely with their insolvency administrators on a restructuring plan. According to a Nuri press release, the economical and political environment kept the company from raising new funds or finding an acquirer. As a result, Nuri had to file for temporary insolvency in August 2022.

 

 

Vivid agreement

Vivid has announced that it has reached an agreement with the company. Accordingly, Nuri customers are now forwarded to the Vivid app, where they can create a Vivid account and transfer any remaining credit directly - this also applies to cryptocurrencies. Nuri customers also receive a number of benefits as a welcome gift, such as free access to the Vivid Prime premium service for a limited period of time.

Like Nuri, Vivid is powered by Solarisbank, a fully regulated European bank authorised and supervised by the Federal Financial Supervisory Authority (BaFin). Vivid Crypto offers users a custodial crypto wallet. While it’s currently not possible to withdraw funds from Vivid Crypto, Vivid plans to allow withdrawals and deposits to every customer by the beginning of 2023.

Nuri Debit cards

Nuri debit cards will continue to work until users’ Nuri Bank Account is closed. Customers can use it to pay for their expenses online and offline and withdraw their funds at an ATM. Nuri advises users to stop using the bank account gradually and to inform parties from whom they expect to receive incoming transfers about the closure of their Nuri account. After the closure date, direct debits will no longer be cleared by Nuri but will be returned to the sender. Existing standing orders will be deleted automatically.

Source: Link


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Keywords: acquisition, banks, financial services, mobile banking, online banking
Categories: Banking & Fintech
Companies: Nuri Group, Vivid
Countries: Germany
This article is part of category

Banking & Fintech

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Nuri Group

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Vivid

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