San Francisco-based challenger bank Denizen has announced that it will be closing down after failing to achieve “the scale needed to sustain operations”.

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Denizen accounts will close in December

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.

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