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Slayven

Never read a comic in his life
Moderator
Oct 25, 2017
93,109

View: https://twitter.com/Anthony/status/1594747732891254786

The Texas startup that sought to build a conservative banking alternative is shutting down.

GloriFi has laid off most of its employees and told them that it is closing up shop, according to people familiar with the matter and emails to employees reviewed by The Wall Street Journal.

The company's fate became clear on Friday, when funding that it hoped would carry it through the first quarter fell through, Cathy Landtroop, the company's chief marketing and communications officer, said in an email to employees.

The "financial challenges related to startup mistakes, the failing economy, reputational attacks, and multiple negative stories took their toll," Ms. Landtroop wrote in the email.


GloriFi's app made its debut in September. The company said customers could open checking and savings accounts and apply for credit cards. The app was aimed at people who saw Wall Street as too liberal and wanted a bank that shared their values.
Who knew "owning the libs" was a bad business plan?
 

danm999

Member
Oct 29, 2017
17,126
Sydney
this is the one where the guy tried to run the bank out of his home and the regulators had a stroke on hearing that right?

and he got drunk every night at 5PM and started screaming at everyone?
 
Jun 20, 2021
4,865
My well-meaning parents asked me what 'woke' meant a few months back and I said "I can tell you what it used to mean but I can't tell you what it currently means".

It truly has lost all meaning.
 

AaronD

Member
Dec 1, 2017
3,261
My well-meaning parents asked me what 'woke' meant a few months back and I said "I can tell you what it used to mean but I can't tell you what it currently means".

It truly has lost all meaning.
It means antifa, or if you prefer, death panels or critical race theory. It means boogieman to Republicans, because they are all spiteful children.
 
Nov 12, 2020
154
I'm not sure I understand, but what even would be a 'woke' bank? I genuinely am not sure.

Like what exactly is a bank that shares 'conservative' values? I mean it's just a bank.
 
Oct 25, 2017
34,792
Wall Street? Liberal? Bahahahahahaha
They're always saying "Go woke, go broke". Yet the opposite continues happening.
 

beat

Member
Oct 28, 2017
2,537
this is the one where the guy tried to run the bank out of his home and the regulators had a stroke on hearing that right?

and he got drunk every night at 5PM and started screaming at everyone?
That's the one! Money Stuff from Oct 11:
Here is a Wall Street Journal article about an "anti-woke bank" that just reads all the way through like a parody, which is how you know it's a good idea:

The startup, called GloriFi, initially aimed to launch with bank accounts, credit cards, mortgages and insurance, while touting what it called pro-America values such as capitalism, family, law enforcement and the freedom to "celebrate your love of God and country."

Within months, the investors' money was nearly gone, and GloriFi was on the verge of bankruptcy. It missed launch dates, blaming faulty technology and failures by vendors, and laid off dozens of employees. It stumbled with products; for instance, a plan to make a credit card out of the same material used for shell casings failed when the company realized the material could interfere with security chips and potentially be too thick for payment terminals, according to people familiar with the matter.

Sure! Look, you can't actually make credit cards out of bullets, but in 2022 you can raise infinity dollars by walking into the right room and saying the words "make credit cards out of bullets." That is the financial innovation here.
 

Iced_Eagle

Member
Dec 26, 2017
837
Maybe I missed it, but did they say how many funds they had, and what happens to those funds? Surely due to the regulations most people wouldn't actually lose their money they may have deposited, right? I'm so used to seeing crypto bankruptcies where it's basically "lol your money is gone" that I don't know what happens for a more "traditional" bank like this.
 

Dolce

Member
Oct 25, 2017
14,252
i mean, if this was meant to be a conservative bank, they succeeded in the republican way. they shut down the service.
 

Saganator

Member
Oct 26, 2017
7,056
I love how they blame their failure everyone and everything besides themselves. On brand till the end.
 
Oct 27, 2017
21,545
Maybe I missed it, but did they say how many funds they had, and what happens to those funds? Surely due to the regulations most people wouldn't actually lose their money they may have deposited, right? I'm so used to seeing crypto bankruptcies where it's basically "lol your money is gone" that I don't know what happens for a more "traditional" bank like this.
With a little bit of googling, Glorifi is "a financial technology company, not a bank." Its banking stuff is with TransPecos Banks, which appears to be FDIC insured as far as I can tell.
 

j7vikes

Definitely not shooting blanks
Member
Jan 5, 2020
5,654
But then who will provide faulty debit cards made out of shell casing metal?

It's insane that to make money off of these people just look around your house for common items and then think how you could tie it to guns.

"Oh you use a broom with a wooden handle. Well my Patriot Broom's handle isn't just red white and blue striped but it's made with the same rubberized grip that I'm used to on an AK 47." Sure it might have cost 69.99 but did I mention it's designed with colors I like in mind and it makes me think of a gun?"
 

Wraith

Member
Jun 28, 2018
8,892
It's almost like they think they can just make bank being "anti-woke" without anything else of value.

Maybe the "health sharing ministries" (aka "not health insurance") will be next…
 
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Stencil

Member
Oct 30, 2017
10,378
USA
Imagine how far right you'd have to be on the Overton Window to think Wall Street is liberal. "Too" liberal, even! Scary.
 

JigglesBunny

Prophet of Truth
Avenger
Oct 27, 2017
31,123
Chicago
What winning concept will these innovators come up with next?

Anti-woke toilet paper that's attached to a stick so that you don't have to make physical contact with your asshole and catch the gay? An anti-woke lumberyard where only women are allowed to interact with the product so that you never have to touch another man's wood? Oh shit, no, anti-woke glasses that are actually just two solid slabs placed in front of your eyes so that you don't need to see minorities and deal with forced diversity.
 

kiaaa

Member
Oct 27, 2017
2,848
It's almost like they think they can just make bank being "anti-woke" without anything else of value.

Maybe the "health sharing ministries" (aka "not health insurance" will be next…

A lot of people have made bank that way. I think an actual bank was a step too far, though.
 

danm999

Member
Oct 29, 2017
17,126
Sydney
people saying the banks haven't gone woke, pretty sure the last time I was in the US and got money from an ATM it had a bunch of drag queens wearing wigs and frills on it

US_one_dollar_bill%2C_obverse%2C_series_2009.jpg
 

GameAddict411

Member
Oct 26, 2017
8,518
If wall street is too liberal, I wonder what is considered conservative for them? Full on the handmaid tale?
 

Mathieran

Member
Oct 25, 2017
12,861
I think for them being too woke is having diversity initiatives and paying lip service to environmentalism.
 

Marqroq

The Fallen
Oct 27, 2017
329
A conservative banking alternative…

I've worked IT in banking for 27+ years. It's 99% conservative. Fucking grifter
 

J_ToSaveTheDay

Avenger
Oct 25, 2017
18,819
USA
Wall Street being seen as too woke is definitely some alternate reality shit.

But yeah, saw this coming the moment it was announced.