Nirvana Cash, a fintech startup based by former PayPal and Intuit CEO Invoice Harris, has shut down lower than a month after its launch.
Primarily based in Miami, the startup has not less than 50 staff, in keeping with LinkedIn. Final Could, Harris boasted that he would have 200 staffers onboard by the top of 2022.
As an alternative, the corporate is shutting up store, with a quick discover on its web site stating: “The Nirvana Cash service is being discontinued. Thanks for taking part within the beta program of Nirvana Cash. All accounts will likely be closed on December 1, 2022.”
Harris has been energetic on LinkedIn, responding to feedback on the closure, saying: “We have got an awesome idea and a stellar staff, however as a credit score firm lending to the decrease finish of the credit score spectrum right into a recessionary surroundings with rates of interest spiking – and all of the means for price of funds.
“Sadly, that is a method for a sunnier day. Very disillusioned, however the best resolution.”
Harris – who has based a slew of corporations, together with One, the digital banking outfit acquired by Walmart – provides that “no person (clients or traders) misplaced any cash besides me. However this danger is the character of startups”.