Time to Read: 3 mins
For years, conservatives have bemoaned the fact that there are few banking alternatives that align with their values. GloriFi was a Texas-based startup that sought to change that, but it is now shutting down. According to people familiar with the matter and emails to employees reviewed by The Wall Street Journal, most of the company’s employees have been laid off and told to expect GloriFi’s closure.
So, what went wrong? And does this spell the end of conservative banking options? Let’s take a look.
The Fate of Glorifi
GloriFi’s troubles began in November when the company failed to secure funding that would’ve kept it afloat through the first quarter. In an email to employees, Cathy Landtroop, the company’s chief marketing, and communications officer said that without this funding, GloriFi could not continue operating.
This turn of events came as a surprise to many of the company’s employees, who had been working hard to grow GloriFi into a premier conservative banking alternative. However, it seems that the company was never able to gain enough traction to make a real impact. This is likely due in part to intense competition from well-established banks and financial institutions.
The closure of GloriFi is certainly a setback for those who were hoping to see a conservative alternative to traditional banking institutions. However, it’s important to remember that this is not the first time a startup has failed—and it certainly won’t be the last. The failure of one company does not mean that the dream of a conservative banking option is dead; it simply means that more effort will be required to make this dream a reality.
The Texas-based startup GloriFi has shuttered its doors after failing to secure funding that would’ve kept it operational through the first quarter. This news comes as a disappointment to conservatives who have long hoped for an alternative banking option that aligns with their values. While the failure of one company does not spell doom for conservative banking options, it does mean that more effort will need to be expended in order for this dream to become a reality.