The Berlin-Based Fintech Bitwala Becomes Nuri
Berlin-based fintech Bitwala changes its name to Nuri and is launching a redesigned web and mobile app. With the product and brand relaunch, the company is taking the next step along with its development and growth strategy. The aim is to make innovative financial solutions accessible to a broader, more diverse audience and become more inclusive: Nuri addresses people at different stages of life who are looking for timely and easy ways to take control of their financial future.
As a fully serviced mobile bank account, Nuri enables customers to manage their day-to-day finances and easily build their wealth using products based on innovative technologies such as blockchain. Investments in cryptocurrencies, as well as returns on bitcoin, are the starting point, with more investment solutions in the pipeline.
Demand is high: According to a study on the investment behavior of Millennials, almost half of the respondents refrain from investing their money. Why? Because they don’t know how or don’t think they have enough startup capital to even begin. Moreover, cryptocurrencies are considered an important part of a well-diversified investment portfolio with a long-term focus. Nuri works with Solarisbank AG, which provides the banking infrastructure, and Solaris Digital Assets GmbH for cryptocurrency custody.
In addition to the name and visual identity, the mobile and web app have been redesigned to appeal to a wider audience and create a foundation for the launch of further innovative products in the near future:
- The new “Home” section offers an overview of the current status of one’s finances as well as simple and direct access to the most important daily relevant information & actions (for example account balance and card settings).
- The new “Bank” section opens up a more intuitive bank account experience for customers to manage daily finances easily and conveniently.
- With the newly designed, free VISA debit card, customers can pay and withdraw money anywhere in the world – as often as they want, without any fees. Existing customers can continue using their Bitwala debit card or order a new Nuri debit card for free.
- The new “Wealth” section with a graphic portfolio overview provides a detailed summary of investment development over time and facilitates access to cryptocurrencies and other financial products.
“With Bitwala, we have bridged the gap between the old and new worlds of finance, empowering hundreds of thousands of people to benefit from new financial innovations and the world of cryptocurrencies – but this was just the beginning. Blockchain technology will continue to create entirely new, better financial products than we can even imagine today. Making such products & services accessible to even more people requires a brand and user experience that is inclusive and appeals to a diverse audience. Our new Nuri brand and revamped customer experience are the foundation for additional innovative products and features we will offer our customers in the coming months and years,” says Bitwala CEO Kristina Walcker-Mayer.
“The old banking world is gradually being replaced by new players offering mobile and digital-first banking. But even with new interfaces and a better customer experience, they remain stuck in the old reality. Zero or even negative interest rates bring little return on savings, remittances still often remain slow and expensive, and let’s not even talk about investments in novel asset classes like Bitcoin. With Nuri, we are combining existing banking infrastructure with innovative technologies like blockchain and decentralized finance to give everyone out there easy access to the new reality of banking,” says Bitwala’s Chief Growth Officer Philipp Beer, who is responsible for the brand’s relaunch.
Nuri has grown rapidly in recent months, reaching operational profitability just two years after launching its banking service – a rarity among fintech startups worldwide. In the first quarter of 2021, the fintech added about 50,000 new customers and increased its customers’ deposits by 400 percent. In the last six months, its workforce has grown by more than 50 percent.