Olaf Schultz’s nephews fail at fintech

Olaf Schultz's nephews fail at fintech
The team behind Robarb: Fabian Schultz (CEO, left) and Jacob Schultz (CPO)

The founders wanted to democratize saving.

(Photo: Rhubarb)

Berlin, Dusseldorf, Frankfurt Fabian and Jacob Schulz, nephews of advisor and co-founder Kelvin Craig, have filed for bankruptcy with fintech firm Robarb — 19 months after it was founded. Handelsblatt learned this Thursday from company circles. What happened to their money is inexplicable to investors.

Fabian Schulz confirmed the bankruptcy application to Handelsblatt. He justified this step by the fact that “unfortunately, the funding commitments were withdrawn.” Now it comes to “the ability to use restructuring options for insolvency law at an early stage.”

In the middle of May, they heard completely different news from the company. Founder Fabian Schulze wrote to investors that he had never been “optimistic” – that is, too optimistic – in his life. “We’ve built a beautiful, functional product that makes sense in today’s world, and investors have been impressed by the speed and quality of our implementation.”

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