Texas ‘Anti-Woke’ Bank Fails in 3 Months

A banking startup backed by billionaire Donald Trump backer Peter Thiel and branded an “anti-awakening” for “pro-liberty” Americans is closing shop after less than three months.

GloriFi Bank burned through $50 million in investment money, laid off most of its staff on Monday and told employees it was closing, The Wall Street Journal first reported. Expected funding to keep the operation going fell through last Friday.

“We will be closing all open accounts,” the GloriFi website informed consumers. Current accounts were closed on Friday and savings accounts on December 6.

GloriFi was pitched as an alternative conservative banking system for consumers who find Wall Street too liberal.

Businessman and major GOP donor Toby Neugebauer and business partner Nick Ayers — former Vice President Mike Pence’s chief of staff — said the huge market for plumbers, electricians and police officers is being poisoned by big banks that don’t share their values. according to a Journal profile of the operation earlier this year.

GloriFi offered bank accounts and credit cards and planned to provide mortgages and insurance while extolling capitalism, family, law enforcement and freedom “for the love of God and country,” the Journal reported.

Neugebauer also proposed plans to offer gun owners discounts on home insurance, credit cards made from bullet casing material and help paying legal bills if customers shot someone in self-defense, Rolling Stone reported.

The spokesperson for the brand was right-wing commentator Candace Owens.

In addition to Thiel, the operation also attracted investors, including former Republican Sen. Kelly Loeffler and Citadel founder Ken Griffin.

But within months, GloriFi missed launch dates, blaming faulty technology and supplier issues, and investors’ money was all but gone, according to reports.

“Financial problems related to startup mistakes, a failing economy, attacks on reputation and many negative stories have taken their toll,” a statement on the company’s website said.

Leave a Comment