The Texas startup, which sought to build a conservative banking alternative, laid off most of its employees and told them that they were closing up shop, according to sources and reviewed emails obtained The Wall Street Journal.
The outlet claims that the app, in general, was aimed at people who saw The Wall Street Journal as too liberal and wanted a bank that shared their values.
The company’s decision comes after it failed to secure funding needed to carry its operations through the first quarter.
Cathy Landtroop, Glorifi‘s chief marketing and communications officer, said in an email to employees, “Financial challenges related to startup mistakes, the failing economy, reputational attacks, and multiple negative stories took their toll.”
The company advertised to customers that they could open checking and savings accounts and apply for credit cards.
The Rolling Stone reports that the company also planned to offer mortgages and insurance in the future but no longer will be doing so.
The failure comes after Glorifi‘s Founder Toby Neugebauer pitched plans to offer gun owners discount incentives on home insurance and assistance paying legal bills if customers shot someone in self-defense.
They also reportedly proposed credit cards made of shell casing material.
The company gained support over the summer from conservative commentator Candace Owens as a co-founder and spokesperson for the brand.
Earlier this year, the company had agreed to go public in the U.S. by merging with special purpose acquisition company (SPAC) DHC Acquisition Corp (DHCA.O) in a deal that valued Glorifi at $1.7 billion, according to Reuters.
A special purpose acquisition company (SPAC) is a company without commercial operations at the time of listing and is formed solely to raise capital through an initial public offering (IPO) or for merging with a private company and take it public.