A Texas fintech company that marketed itself as an “anti-woke” alternative for “pro-freedom” Americans has shut down.
GloriFi, based in Texas, made its debut in September, allowing customers who felt Wall Street was too liberal to open checking and savings accounts and apply for credit cards. Less than three months later, however, the bottom fell out after necessary funding did not come through.
The company, which received initial backing from a group of A-list money types including Peter Thiel and Ken Griffin, was hoping to merge with a SPAC called DHC Acquisition Corp., but the terms of the deal required it to raise $60 million in additional cash. It failed to do so, leading to the dissolution.
The GloriFi website announced the shutdown, but not without taking a few last swings at its critics.
“Recently, With Purpose, Inc. d/b/a GloriFi, has experienced a series of financial challenges related to startup mistakes, reputation attacks, the declining economy, and multiple negative media stories,” the announcement reads. “As a result of developments late last week, the Board of Directors and leadership of GloriFi have come to the heartbreaking conclusion that we need to begin winding down the company’s operations.”
Officials say they have begun the process of helping customers resolve their accounts.
Things were never smooth at GloriFi, though. The company missed launch dates, blaming technology and The Wall Street Journal reports that some employees said the founder drank on the job and had a volatile temper. (That founder stepped down as CEO and became executive chairman in October.)
The company, before it stripped its Website, described itself to potential customers as “a financial lifestyle app designed for We the People,” saying “you deserve the benefits of big tech, while being free to celebrate your love of God and country without fear of cancellation.” Among its evangelists was Candace Owens, a conservative commentator who, more recently, is known for her support of Kanye West.
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