Denizen is shutting down barely three years after the global banking solution first saw the light.
The Spain and USA-based startup was spun out of digital bank BBVA in 2016. Denizen was created to remove the pain points of moving money across borders. However, it seems as it has been unable to move enough money on its own behalf.
In a statement on the company website, Denzien stated, “We created Denizen as the premier account for global citizens, making international banking easier for those of us who call the world our home. Together we built a product that allowed our fellow Denizens to manage their funds from wherever, whenever.
“While we are proud of what we have created together, Denizen was not able to achieve the scale needed to sustain operations in the current market. It’s been three years of tremendous learnings and collaborative workings and we thank you for your contribution to our growth.”
The company will close down entirely on December 17, including closing every account. The company’s customers are advised to empty their accounts by that date.
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