GloriFi, the “pro freedom” fintech, collapses and closes in less than three months
A Texas fintech company that marketed itself as an “anti-revival” alternative for “pro-freedom” Americans has shut down.
Texas-based GloriFi debuted 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 fund collapsed after the necessary funding was not secured.
The company, which received initial support from a group of List A Silver Types including Peter Thiel and Ken Griffin, hoped to merge with a SPAC called DHC Acquisition Corp., but the terms of the deal required it to raise an additional $60 million in cash. He failed to do so, which led to the disbandment.
The GloriFi site announced the closure, but not without attacking its detractors.
“Recently, With Purpose, Inc. d/b/a GloriFi, experienced a series of financial challenges related to startup mistakes, reputational attacks, a declining economy and multiple negative media stories,” the ad reads. “Following the developments of the past week, GloriFi’s board and management have come to the heartbreaking conclusion that we must begin to scale back operations of the business.”
Officials say they have begun the process of helping customers resolve their accounts.
Things were never smooth at GloriFi, however. 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 an unstable temper. (That founder stepped down as CEO and became executive chairman in October.)
The company, before taking down its website, described itself to potential customers as “a financial lifestyle app designed for We the People”, saying “you deserve the benefits of great technology, while being free to celebrate your love of God and country without fear of undoing.Among his evangelists was Candace Owens, a conservative commentator who, more recently, is known for her Kanye West endorsement.
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