Nirvana Money, a fintech startup launched by former PayPal and Intuit CEO Bill Harris, has ceased operations less than a month after its official debut.
The company was introduced last month, offering a hybrid product that combined both credit and debit services to streamline the ways individuals earn, save, and spend money. Based in Miami, Nirvana Money employed at least 50 people, with plans announced by Harris in May to expand the team to 200 by the end of 2022.
Instead of growth, the startup has closed its doors, as indicated by a message on its website: “The Nirvana Money service is being discontinued. Thank you for participating in the beta program. All accounts will be closed on December 1, 2022.”
In response to inquiries regarding the closure, Harris took to LinkedIn to express his disappointment, stating, “We’ve got a great concept and a stellar team, but as a credit company lending to the lower end of the credit spectrum in a recessionary environment with rising interest rates, it’s a challenging formula. Unfortunately, that’s a recipe for failure. Very disappointed, but the right decision.”
He also noted that “nobody (customers or investors) lost any money except me. But this risk is the nature of startups.”