US fintech GloriFi to shut down amid “a series of financial challenges”

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.