A bank establishment backed by billionaire Donald Trump supporter Peter Thiel and touted as a “wake-up preventer” for “pro-freedom” Americans is closing shop less than three months later.
GloriFi bank burned $50 million in investment money, laid off most of its staff on Monday, and informed workers that the bank was closing, The Wall Street Journal was the first to report. Funding, which was hoped for the continuation of the operation, fell last Friday.
“We will close all accounts opened to date,” GloriFi’s website told consumers. Checking accounts were closed on Friday, and savings accounts were closed on December 1. 6.
GloriFi was touted as an alternative conservative banking system for consumers who found Wall Street too liberal.
Entrepreneur and major GOP donor Toby Neugebauer and business partner Nick Ayers, chief of staff to former Vice President Mike Pence, said a large market of plumbers, electricians and police officers is fed up with large banks that don’t share their value. According to a Journal profile of the operation earlier this year.
According to the Journal, GloriFi offered bank accounts and credit cards, and planned to provide mortgages and insurance, while also promoting capitalism, family, law enforcement, and freedom of “God and country”.
Neugebauer has also offered gun owners discounts on home insurance, credit cards made from shell casing material, and plans to help customers pay legal bills if they shoot someone in self-defense, Rolling Stone reported.
Right-wing commentator Candace Owens was the spokesperson for the brand.
The operation attracted investors, including Thiel, as well as the former Georgia Republican Senator. Kelly Loeffler and Ken Griffin, founder of Citadel.
“Financial difficulties, failing economy, reputation attacks and numerous negative stories about startup failures have paid the price,” the company’s website said in a statement.