A banking startup backed by billionaire Donald Trump supporter Peter Thiel and pitched as the “anti woc” to “pro-liberty” Americans is closing shop after less than three months.
The bank, Glorify, burned $50 million in investment money, laid off most of its staff on Monday and informed employees it was closing, The Wall Street Journal first reported. Hoop money to keep the operation going until last Friday fell through.
GloriFi’s website informs consumers: “We are closing all open accounts starting today.” Current accounts were closed on Friday and savings accounts on December 6.
GloriFi was introduced as an alternative conservative banking system for consumers who find Wall Street too liberal.
Entrepreneur and major GOP donor Toby Neugebauer and business partner Nick Ayers — former Vice President Mike Pence’s chief of staff — said a large market of plumbers, electricians and police officers has had enough of big banks that don’t share their values. , according to a Journal profile of the operation earlier this year.
Glorify offered bank accounts and credit cards, and planned to provide mortgages and insurance, while touting capitalism, freedom from family, law enforcement and “the love of God and the country,” according to the Journal.
As Rolling Stone reports, Neugebauer also plans to offer gun owners home insurance, credit cards made from casing material and help paying legal bills.
Right-wing commentator Candace Owens was a spokesperson for the brand.
In addition to Thiel, the operation also attracted investors, including former Republican Senator Kelly Loeffler of Georgia and Ken Griffin, founder of Citadel.
But within months, according to news reports, GloriFi had missed launch dates and had run out of investor money, blamed for faulty technology and supplier problems.
“Financial challenges related to startup failures, a downturn in the economy, reputational attacks and many negative stories took their toll,” said a statement on the company’s website.