In the United States, the new GloriFi bank is talked about even in the wall street journal. His name has enough, even in France, to be understood by all. But rather than glorify what the banks are trying to glorify today to embellish their image (fight against inequalities, against global warming), this neo-bank is for its part looking at the glorification of God, the bearing of arms and the fatherland. Far from a classic neo-bank like Revolut in France, and far from being as stable and secure at the same time.
Peter Thiel, the founder of PayPal, Palantir and supporter of Donald Trump, has joined the investors in the ultra-conservative project. The creation of this new “anti-woke” bank (woke designating the fight for the feminist, LGBT and anti-racist cause) is divisive and the establishment has not yet received a banking license. In the meantime, as other neo-banks do, GloriFi goes through a partnership with another establishment. The list of investors is long. As crazy as it may seem, the neo-bank says it has a valuation of $1.7 billion and already wants to go public.
In the list of “reactionary billionaires” who invested in GloriFi, as the newspaper called them The echoes, there are several sympathizers of Donald Trump, but also Kenneth Griffin, the founder of the hedge fund Citadel (well known in the GameStop affair). According to some, the market targeted by GloriFi would be at least 100 million Americans “who want to be free”. To lure them, the bank has built its offer around its values, with a 10% reduction on home insurance for all firearm owners. Watch out: crazier still, GloriFi wants to insure its clients if they commit murder, by advancing their legal fees.
On its social networks, the institution’s publications all relate to the values of the neo-bank, which behind their well-meaning, reflect nationalist and reactionary aspirations. Straddling a bank and a political party, GloriFi does not hide. When its launch was announced in early October, the neo-bank was pleased to have reached its one-month goal in just 4 days. According to management, 50,000 people would have opened an account. Since then, an article from wall street journal highlighting the setbacks of its model has somewhat shaken the startup internally.
“Toby Neugebauer has stepped down as CEO following a Wall Street Journal article detailing the company’s rocky beginnings”, indicated an article of the economic newspaper. As the launch of the neo-bank approaches, “investor money was almost gone and GloriFi was on one’s last legs”, explained his journalists. That said, Toby Neugebauer is not leaving the company for good but is now taking over as Executive Chairman, as Jeff Bezos did with Amazon, when he also left his role as CEO. On the information of wall street journalGloriFi turned a deaf ear and denied several points.
Nowadays, it is no longer possible to open an account at GloriFi. According to the company which specified the reasons for this limit, it would have reached the maximum of its capacities for this first phase in beta and that it did not open more checking and savings accounts. The explanation seems a bit easy. The neo-bank wanted to grow too quickly by merging with a SPAC, to go public as quickly as possible. And this seems to be detrimental to it, with conditions not met by GloriFi to the company that provided it with the SPAC, DHC Acquisition Corp. The neo-bank also had to cancel certain products (due to technical problems) and lay off a few dozen employees.