Aussie fintech Wildcard shuts down due to COVID-19
Australia-based budgeting fintech Wildcard is closing down in August after failing to recover from the COVID-19 pandemic.
Wildcard launched in November 2019 as a transaction account incentivising millennials and Gen Z users to save money.
The account paid a 0.4% interest on the total balance of the account. The firm claimed to be the first to offer an account of its kind in Australia.
Founded in 2016, the company failed to complete any funding round past its initial January 2017 seed round led by 25fifteen.
“Due to the economic impact of coronavirus, we’ve been unable to secure the funding we need to keep the service running,” the firm writes on its website.
“Our priority now is to make the transition as easy as possible for you.”
The firm has asked existing customers to redirect all incoming payments to another account.
Users’ associated Mastercard will still be operational, but users will lose access to interest payments and rebates.
Any accounts without a balance are being automatically shut down by the fintech.