Texas ‘anti-reawakening’ bank fails in 3 months

A banking startup backed by billionaire Donald Trump supporter Peter Thiel and touted as “anti-awakening” to “pro-freedom” Americans is closing after less than three months.

The bank, GloriFi, spent $50 million on investment funds, laid off most of its staff on Monday and notified workers it was closing, The Wall Street Journal reported. The financing hoped for to maintain the current operation failed last Friday.

“We will be closing all accounts opened to date,” consumers were advised on GloriFi’s website. Checking accounts were closed on Friday and savings accounts on December 21. 6.

GloriFi had been touted as an alternative conservative banking system for consumers who find Wall Street too liberal.

Entrepreneur and top GOP donor Toby Neugebauer and his business partner Nick Ayers — former Vice President Mike Pence’s chief of staff — said a huge market of plumbers, electricians and police officers had had enough. big banks that didn’t share their values, according to a profile in the Operation Journal earlier this year.

GloriFi offered bank accounts and credit cards, and planned to provide mortgages and insurance while touting capitalism, family, law enforcement and the freedom to “love God and country,” according to the Log.

Neugebauer also offered to offer gun owners discounts on home insurance, shell material credit cards and help with legal fees if customers shoot someone in a legitimate state. defense, Rolling Stone reported.

Right-wing commentator Candace Owens was the spokesperson for the brand.

Besides Thiel, the deal also attracted investors, including the former Republican senator from Georgia. Kelly Loeffler and Citadel founder Ken Griffin.

But within months, GloriFi missed launch dates, blaming faulty technology and vendor issues, and investor money was nearly gone, according to news reports.

“Financial challenges from start-up mistakes, a failing economy, attacks on reputation and multiple negative stories have taken their toll,” a statement posted on the company’s website said.

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