After less than three months, a bank startup backed by billionaire Donald Trump supporter Peter Thiel is closing.
The Wall Street Journal was the first to report that the bank burned through $50 million and laid off most of its staff. Funding for the operation fell through last week.
All accounts opened to date will be closed. Savings and checking accounts were being shut down.
The system was supposed to be an alternative conservative banking system for consumers who don't like Wall Street.
According to a Journal profile of Toby Neugebauer, the chief of staff for former Vice President Mike Pence, a huge market of plumbing, electricians and police officers were fed up with big banks that didn't share their values.
According to the Journal, GloriFi offered bank accounts and credit cards, as well as providing mortgages and insurance, while also promoting capitalism, family, law enforcement, and the freedom to love God and country.
Rolling Stone reported that Neugebauer pitched gun owners discounts on home insurance, credit cards made of shell casing material, and assistance paying legal bills if they shoot someone in self-defense.
The brand's spokesman was a right-wing commentator.
The operation lured investors including a former Georgia Republican senator.
According to news reports, investors nearly lost their money due to faulty technology and vendor problems.
According to the company, the financial challenges related to startup mistakes, the failing economy, and multiple negative stories took their toll.
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