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Texas ‘Anti-Woke’ Bank Defunct in 3 Months

A banking startup backed by billionaire Donald Trump supporter Peter Thiel and billed as the “anti-woke” for “pro-freedom” Americans is closing shop after less than three months.

The bank, GloriFi, burned through $50 million in investment money, laid off most of its employees on Monday and informed workers it was shutting down, The Wall Street Journal was the first to report. Hopes for funds to keep operations running fell last Friday.

“We will close all accounts opened to date,” GloriFi’s website informed consumers. Checking accounts were closed on Friday, and savings accounts on 6 December.

GloriFi had been touted as an alternative conservative banking system for consumers who find Wall Street too liberal.

Entrepreneur and major GOP donor Toby Neugebauer and business partner Nick Ayers — the chief of staff to former Vice President Mike Pence — said a huge market of plumbers, electricians and police officers was fed up with big banks that didn̵[ads1]7;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 along with capitalism, family, law enforcement and the freedom to “love God and country,” according to the Journal.

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

Right-wing commentator Candace Owens was a spokesperson for the brand.

Besides Thiel, the operation also attracted investors, including former Georgia Republican Sen. Kelly Loeffler and Citadel founder Ken Griffin.

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

The “financial challenges related to start-up failures, failing finances, reputational attacks and several negative stories took their toll,” a statement on the company’s website said.

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