Halloween is lower than per week away, and with the scariest evening of the 12 months on the horizon, we needed to settle in and inform some fintech ghost tales. These ghosts gained’t be too spooky– they’re extra like a stroll down reminiscence lane than a go to to a haunted home.
Right here’s a have a look at 4 fintech ghosts which have come and gone, however nonetheless hang-out our recollections:
Coin
Coin was based in 2012, providing customers a single, digital cost card the place they might retailer their a number of debit, credit score, reward, loyalty, and membership card numbers. For $50, customers may join the waitlist, however many who paid upfront by no means obtained their card.
What occurred
Coin had a really lengthy waitlist, and whereas there was a lot preliminary pleasure in regards to the card, the keenness light for a lot of after realizing they might by no means obtain their card. The actual demise knell for Coin was that it solely labored 80% to 90% of the time. As Finovate Founder Jim Bruene identified in his submit in regards to the card, “… nobody needs to be that man holding up the checkout line along with his fancy black card.” Coin closed in 2016.
BillGuard
BillGuard suffered a slower demise than most fintech ghosts. Based in 2010, the corporate provided customers a cell app to entry spending analytics, credit score scores, cost particulars, transaction maps, and knowledge breach alerts.
What occurred
The performance BillGuard provided was completely suited to fintech’s private monetary administration (PFM) period. The corporate had stored up with evolving client expectations of the time, including fraud alerts and personalised gives. When peer-to-peer lending firm Prosper acquired BillGuard for $30 million in 2015, the fintech group had excessive hopes for the tie-up, considering Prosper would add PFM capabilities and develop into a Credit score Karma competitor. Two years later, nevertheless, after rebranding the BillGuard app to Prosper Every day, Prosper shut down the monetary wellness app, shuttering all of its potential and erasing customers’ historical past.
iQuantifi
iQuantifi was based in 2009 to allow monetary establishments to supply a digital monetary advisor, including wealth administration to their choices. In 2014, the corporate launched a consumer-facing digital monetary advisor instrument to assist customers establish, prioritize, and obtain their monetary objectives with a customized plan. The corporate had raised $3.7 million.
What occurred
iQuantifi confirmed loads of promise. The corporate had fashioned an aggregation partnership with MX to supply millennial customers a lower-cost choice to managing their funds. iQuantifi even earned a spot to take part within the Plug-and-Play fintech accelerator. In 2019, nevertheless, the corporate was charged with promoting unregistered securities to traders that had been ineligible to buy shares within the providing. Between 2013 and 2019, iQuantifi raised $3.5 million from over 50 unaccredited traders. The U.S. Securities and Trade Fee (SEC) ordered iQuantifi and its founder to stop and desist from committing violations and pay a $25,000 civil penalty. The corporate closed in 2019.
ZELF
ZELF was launched in 2019, proper because the digital banking craze was taking off. The fintech was geared towards serving millennial and Gen Z customers within the E.U. and U.S. ZELF billed itself because the “Financial institution of the Metaverse” the place customers may financial institution their gaming cash, NFTs, and fiat– all anonymously with no social safety, ID, or selfie required.
What occurred
ZELF is an effective cautionary story of what occurs while you mix crypto, fiat, the metaverse, and anonymity. Due to blatant KYC and Patriot Act violations, the corporate’s accomplice financial institution, Evolve Financial institution & Belief, pulled the plug on ZELF a day-and-a-half after its official launch day. ZELF closed down in December 2022.
Photograph by Daisy Anderson
Bitcoin 
Ethereum 
Tether 
BNB 
XRP 
Solana 
USDC 
Lido Staked Ether 
Cardano 
Dogecoin 