The founders wanted to democratize saving.
(Photo: Rubarb)
Berlin, Dusseldorf, Frankfurt Fabian and Jakob Scholz, the Chancellor’s nephews, and co-founder Kelvin Craig have filed for bankruptcy with their financial technology company Rubarb – 19 months after it was founded. The Handelsblatt learned this on Thursday from company circles. What happened to their money is inexplicable to investors.
Fabian Scholz confirmed the bankruptcy application to the Handelsblatt. He justified the step with the fact that “funding commitments had unfortunately been withdrawn”. Now it is a matter of “being able to use the restructuring options of the insolvency code at an early stage”.
In mid-May, investors heard completely different news from the company. Founder Fabian Scholz wrote to investors that he had never been so “bullish” – i.e. extremely optimistic – in his life. “We’ve built a beautiful and functional product that makes sense in today’s world, and investors have been impressed with the speed and quality of our execution.”
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