San Francisco-based challenger bank Denizen has announced that it will be closing down after failing to achieve “the scale needed to sustain operations”.
Denizen launched in March 2018, promising the “first true global, borderless account” for expatriate banking. Its account offered no FX fees, a debit card with no ATM fees, and a mobile app.
The challenger’s initial funding round was provided by BBVA Compass’ New Digital Businesses unit, which is incubating start-ups in its Silicon Valley-based fintech lab. BBVA Compass also underpins the banking services of Denizen.