Seis, a US-based neobanking business created to serve Spanish-speaking people and immigrant communities, has announced it will close operations after several years of strong growth and consumer adoption.
- Seis, a US-based neobanking business created to serve Spanish-speaking people and immigrant communities, has announced it will close operations after...
- Seis’ significant milestones Founded and incubated as part of Y Combinator’s Winter 2022 class, Seis supplied bank accounts, debit cards, and...
- Since its introduction, Seis has amassed over 100,000 five-star ratings on the Apple App Store and opened over 500,000 client...
- “While there is much more behind this decision, the short version is that changes in immigration patterns led to lower...
Keep reading for the full breakdown on fintech shutdown — everything you need to know is covered below.
Seis’ significant milestones
Founded and incubated as part of Y Combinator’s Winter 2022 class, Seis supplied bank accounts, debit cards, and credit products through a Spanish-language mobile app. To assist clients unfamiliar with the US financial system, the company collaborated with licensed financial institutions, including Thread Bank, Unit, and Lead.
Since its introduction, Seis has amassed over 100,000 five-star ratings on the Apple App Store and opened over 500,000 client accounts, the majority of which are from immigrants. Customers used Seis debit cards to spend over $500 million annually, and the company’s annualised income increased from zero to almost $10 million within 16 months of launch.
Reason for shutting down
In a statement on LinkedIn, co-founder and CEO Trevor McKendrick said the decision to close the company was driven by shifts in immigration trends that reduced demand for the product.
“While there is much more behind this decision, the short version is that changes in immigration patterns led to lower customer growth than we anticipated,” McKendrick said.
In the upcoming months, Seis will carry out a systematic wind-down, prioritising consumer protection and keeping its promises to its banking partners.
“We built Seis with a compliance-first mindset, and we are committed to finishing the same way we operated,” McKendrick added. “Our time in fintech reinforced just how important trust and strong partnerships are.”
Reflecting on Seis’ journey
Building Seis was a pivotal professional experience, according to McKendrick, who reflected on the journey.
“Nothing has ever made me feel more alive than running Seis when things were really working,” he said. “I’m deeply grateful to our customers, partners, investors, and team who believed in what we were building.”
Further details on the wind-down process and customer next steps will be provided to users and partners in the coming weeks.