GloriFi, an 'anti-woke' bank backed by Peter Thiel and Candace Owens, is folding just 3 months after it was set up

Three months after it opened, a bank that promoted itself as an alternative to Wall Street is closing down.

The Wall Street Journal reported on Monday that a Texas startup had laid off most of its workforce and was planning to close.

Toby Neugebauer, a GOP donor, founded the bank in the summer of 2016 after raising $50 million from a group of investors.

plumbers, electricians and police officers were pitched as the startup's target audience, according to the Journal.

Financial challenges related to startup mistakes, the failing economy, and multiple negative stories took their toll.

This was said on the website. Customers are being helped by the company.

The Journal reported in October that the startup was having trouble attracting customers and that it was having difficulty getting more funding.

Neugebauer's staff would work from his Dallas residence that was modeled after the White House and would often stay in guest bedrooms.

The venture attracted a number of high-profile backers, including the founder of PayPal, Peter Thiel.

When it began, Owens agreed to be a public face of the organization.

She told the Journal that she believes that GloriFi is the first sign of a competitive, conservative economy that is forming.