Posted on 11/22/2022 7:50:09 PM PST by Coronal
The Texas startup that sought to build a conservative banking alternative is shutting down.
GloriFi has laid off most of its employees and told them that it is closing up shop, according to people familiar with the matter and emails to employees reviewed by The Wall Street Journal.
The company’s fate became clear on Friday, when funding that it hoped would carry it through the first quarter fell through, Cathy Landtroop, the company’s chief marketing and communications officer, said in an email to employees.
The “financial challenges related to startup mistakes, the failing economy, reputational attacks, and multiple negative stories took their toll,” Ms. Landtroop wrote in the email.
GloriFi’s app made its debut in September. The company said customers could open checking and savings accounts and apply for credit cards. The app was aimed at people who saw Wall Street as too liberal and wanted a bank that shared their values.
(Excerpt) Read more at wsj.com ...
The Sharia banking community is flourishing, probably this management team was just a bunch of losers.
Even some FTX Sam guy and his group of professionals was able to make a go of it for much longer than this.
The leading application of each new video technology was porn - for example, VHS tape and porn movie rentals.
Apparently the leading application of each new financial technology is fraud.
most antiwoke alternative businesses and online platforms are by random pissed off guys. Unfortunately you need more than righteous anger to be able to start a business that can successfully compete with the entrenched players, especially when they and the rest of the establishment are going to come gunning for you.
Paging Elon Musk...
I’d say he’s got his hands full at the moment.
word
musk is busy cleaning up Twitter
Video Musk finds closet full of stay woke merchandise at Twitter HQ
https://rumble.com/v1wke2k-musk-finds-stay-woke-merchandise-at-twitter-hq.html
LOL I think his remaining employees just found out their Christmas presents.
isnt it easier to buy into an existing bank and get them out of the woke nonsense
He could rebrand them “Stay Awake!”
>financial challenges related to startup mistakes, the failing economy, reputational attacks, and multiple negative stories took their toll
How about the financial challenges related to remaining completely unknown to most people? I’m not a Texan, but I spend a fair bit of time keeping up with alt.news and had no clue whatsoever about this enterprise until just now.
This doesn’t make a whole lot of sense to me. They don’t even hold the deposits or issue credit cards - why are they running them off? Why not just say, “Your money is at an insured thrift. This app is being shut down. To visit your money, feel free to head over to West 3rd Street in Pecos Texas during normal banking hours to see a teller.”
From the website:
“GloriFi™ is a financial technology company, not a bank. Banking services provided by TransPecos Banks, SSB, Member FDIC. The Debit Mastercard® and the World Debit Mastercard® are issued by TransPecos Banks, SSB”
My initial reaction was that credit card portfolios got reall hard to sell in 2009, not so much now (yet). And someone (usually a struggling bank) is always chasing deposits. But there aren’t any deposits or credit cards held by this outfit.
Case in point: there’s only one discussion about GloriFi on FR, started 2 weeks ago; and it just references a YT video made shortly before then.
The janitorial staff need rags, shred these and put them in the supply closet.
Recycling is popular now.
Fr an almost employee, the guy who tried to pull this together has an ego the size of Texas. Didnt play well with regulators.
Bongino started a Parallel Economy payment processor along with Rumble, but I don’t know how they’re doing.
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