Berlin, Düsseldorf, 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 its foundation. The Handelsblatt learned this from business circles on Thursday. What happened to their money is inexplicable to investors.
Fabian Scholz confirmed the insolvency declaration to Handelsblatt. He justified the move by saying that “funding commitments have unfortunately been withdrawn”. Now it is a matter of “being able to use the restructuring options of the insolvency Code at an early stage”.
Even in mid-May, they heard completely different news from the company. Never in his life had he been so “bullish” – i.e. extremely optimistic, founder Fabian Scholz wrote to investors. “We have developed a beautiful and functional product that makes sense in today’s world, and investors are impressed by the speed and quality of our implementation.“