GloriFi, an anti-Woke bank, is said to have “canceled itself” and is closing down less than three months after going public in September.
According to sources and emails obtained by The Wall Street Journal, the Texas startup that wanted to build a conservative banking alternative fired most of its employees and told them they were closing down.
According to the source, the general audience for the app was people who thought The Wall Street Journal was too liberal and desired a bank that shared their values.
The decision was made by the business after it was unable to obtain the funding it required to continue operating through the first quarter.
“Financial challenges related to startup mistakes, the failing economy, reputational attacks, and multiple negative stories took their toll,” Glorifi’s chief marketing and communications officer, Cathy Landtroop, wrote in an email to employees.
Customers were informed through advertisements that they could apply for credit cards and open checking and savings accounts.
According to the Rolling Stone, the company also intended to provide insurance and mortgages in the future, but it will no longer do so.
The failure comes after Toby Neugebauer, the founder of Glorifi, presented plans to provide gun owners with assistance with legal costs and discounts on home insurance if they shot someone in self-defense.
Additionally, they reportedly proposed shell casing-based credit cards.
Candace Owens, a conservative commentator, joined the company as a co-founder and brand ambassador in the summer.
According to Reuters, the company had agreed to merge with special purpose acquisition company (SPAC) DHC Acquisition Corp (DHCA.O) to go public in the United States in a deal valued at $1.7 billion.
A special purpose acquisition company (SPAC) is a business that does not have any commercial operations at the time of listing. It is created solely for the purpose of raising capital through an initial public offering (IPO) or for merging with a private business to go public.