Texas-based fintech GloriFi, which describes itself as “an unapologetically pro-America, pro-freedom, pro-capitalism technology company”, is shutting down just months after launching its digital banking app.

GloriFi is shutting down

Announcing the closure on its website, the company says it has “experienced a series of financial challenges related to start-up mistakes, reputation attacks, the declining economy and multiple negative media stories”.

The Wall Street Journal reports that the firm was unable to secure the funding it needed to carry on operations, with a potential funding arrangement falling through on Friday last week.

“As a result of developments late last week, the board of directors and leadership of GloriFi have come to the heart-breaking conclusion that we need to begin winding down the company’s operations,” GloriFi says.

“Effective immediately, we have begun the process of helping our customers resolve their accounts.”

The firm launched its app in September offering checking and savings accounts and “a selection of patriotic debit cards”. It also had plans to roll out insurance, mortgage and brokerage products in the future.

Detailing timelines for customers, the company says its debit cards will be “terminated” today, 23 November, while checking and savings accounts will be closed on 6 December 2022.

Paul Hindle

Source link

You May Also Like

Credit Suisse shareholders greenlight $4.2 billion capital raise

The logo of Swiss bank Credit Suisse is seen at its headquarters…

Utilising savings tech to support clients through the cost of living crisis

In an increasingly uncertain world, savers are looking for support to navigate…

Black Homeownership: 5 Steps to Own Your Next Home | OneUnited Bank

OneUnited Bank, the nation’s largest Black-owned bank and FDIC insured, understands we…

Standard Bank Tutuwa Community Foundation celebrates successful 2021 matric results.

The second cohort of matriculants who were beneficiaries of the Foundation’s High…

Podcast | SA FIC: Rand not cheap enough; maintain a weak bias

The rand may be much weaker now than a month ago, but…

Keeping faith in net-zero banking in 2023 and beyond – FinTech Futures

2022 has been a year when climate change has become an even…