Get the latest tech news
Y Combinator-backed fintech CapWay has shut down
Sheena Allen, the company's founder, told TechCrunch that CapWay had to close after it couldn't raise another round.
CapWay, a Y Combinator-backed fintech that sought to bring financial services to those in so-called “banking deserts,” has been shut down, according to its founder Sheena Allen. Allen (pictured above) launched CapWay in 2016 after realizing the impact that not having a bank account has on some communities, such as depending on high-interest payday loans or high-fee cash checking services, as CNN reported. She cited the fact that the fintech industry took a huge reputational hit after the hacking of Evolve Bank & Trust and the collapse of Synapse, the latter of which saw hundreds of millions of dollars of consumer funds frozen.
Or read this on TechCrunch
