Pro-freedom fintech GloriFi collapses and shuts down in less than three months
A Texas fintech that marketed itself as an “anti-woke” alternative for “pro-freedom” Americans has shut down.
Texas-based GloriFi made its debut in September, allowing customers who thought Wall Street was too permissive to open checking and savings accounts and apply for credit cards. Less than three months later, however, the bottom fell after the necessary funding failed to materialize.
The company, which got initial support from a group of A-list money types including Peter Thiel and Ken Griffin, was hoping to cash in with a SPAC called DHC Acquisition Corp. He did not succeed, which led to the dissolution.
The GloriFi website announced the closure, but not without delivering a few final blows to its critics.
“Recently, With Purpose, Inc. d/b/a GloriFi has experienced a number of financial challenges related to launch failures, reputation attacks, the declining economy and multiple negative media reports,” read the announcement. “As a result of developments late last week, GloriFi’s board and leadership have come to the heartbreaking conclusion that we must begin winding down the Company’s operations.”
Officials say they have started helping customers close their accounts.
However, things never went smoothly at GloriFi. The company missed launch dates, blamed technology and The Wall Street Journal reports that some employees said the founder had been drinking at work and was moody. (This founder resigned as CEO and became executive chairman in October.)
The company described itself to potential customers as “a financial lifestyle app built for We the People” before taking down its website, saying, “You deserve the benefits of Big Tech while being free, dear.” to celebrate God and country without fear of cancellation.” Among her evangelists was Candace Owens, a conservative commentator more recently known for her support of Kanye West.
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