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Glorify, an ‘anti-voc’ bank backed by Peter Thiel and Candace Owens, closes just 3 months after being founded

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  • An “anti-voke” bank backed by Peter Thiel closes just three months after its creation.
  • GloriFi attracted $50 million in investment from conservative lenders last year.
  • An executive blamed “reputation attacks” and “numerous negative stories” for the downfall.

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A bank that promoted itself as the “anti-woke” alternative to Wall Street and gained the backing of Peter Thiel and Candace Owens is closing just three months after starting operations.

The Wall Street Journal reported Monday that Texas-based startup Glorify had laid off most of its employees and was planning to close its doors, according to people familiar with the matter.

The bank, run by GOP donor Toby Neugebauer, opened in the summer after raising $50 million from an A-list investor last year, and was last valued at $1.7 billion.

The startup aimed to appeal to those perceived by “liberal” Wall Street as having “plumbers, electricians, and police officers” as their target audience.

But in an email the paper accessed, Cathy Landtrup, Glorify’s head of marketing and communications, said “financial challenges related to startup failures, the failing economy, reputational attacks and many negative stories took their toll.”

This statement has also been posted on GloriFi’s website. The company is now helping its customers to resolve their bills.

In October, The Journal reported that the startup was struggling to attract customers, including a delayed launch and a fragmented approach to more funding.

The staff would work out of Neugebauer’s 16,000-square-foot Dallas residence modeled after the White House, often staying in the guest bedroom as Neugebauer worked 17-hour days.

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The venture attracted some high-profile backers, including Ken Griffin van Thiel and Citadel, both of whom have donated to conservative causes.

Owens, a conservative commentator, agreed to be Glorify’s public face when it started.

“I’m a big supporter of Glorify and think it’s the first true symbol of what I see as a competitive, conservative economy,” she told the Journal in an email.

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