Seis, a neobank that focused on the Hispanic community, is shutting down.
The neobank, which launched nearly five years ago, had opened accounts for more 500,000 people and grew to $10 million in revenue 16 months after launching.
“So what happened? There’s a lot to say here, but the short story is that immigration patterns changed and we saw less demand for our product,” Joshua Howland, the company’s co-founder and president, wrote in a LinkedIn post.
“We’re taking a few months to wind down the right way – for our customers and our banking partners,” Howland added.