FinTech failure: Folio


#1

Recieved this email today.


(Kevyn) #2

Have you got the other half of the email? It would be interesting to read the reasons. I do notice on their website their blog hasn’t been updated since February.


#3

Marvyn here, Co-founder and CEO of FOLIO.

First of all, I would like to thank you for using FOLIO and supporting us over the past two years. We hope we’ve been able to help you achieve your financial goals, one step at a time.

I am personally reaching out to you today as I wanted to inform you that FOLIO will be shutting down UK operations in the coming weeks. It was an incredibly hard decision as you and 10,000 other people have trusted us to make saving more achievable and fun. And we’re extremely proud of what we achieved thanks to you!

_Unfortunately, building a great product is only one side of a great business and while our team has invested an enormous amount of time and energy to build FOLIO, in the coming weeks we’ll be moving on to a pretty exciting new idea and project. _

But what a ride, thanks to you!

Rest assured, all funds remain held in protected saving accounts with our partner, Barclays, and are available for withdrawal at any time. The safety of your money has always been an absolute priority and it will remain one until our last day of operations.

This process will be done in 3 stages:

* On the 1st of January, Folio will be removed from the UK App Store, preventing new downloads from taking place.

* On the 3rd of January, we will stop all future deposits to FOLIO and you won’t be able to set up a new goal / top up existing goals.

* On the 10th of January, we will manually transfer all remaining funds back to their owners. However, we do recommend you withdraw your funds ahead of that date.

In the meantime, don’t hesitate to contact me personally or someone from our team (hello@folioapp.io) if you have any questions about the closure. We’ll be happy to help.

Once again, I can’t thank you enough for supporting us over the past two years.

It was an amazing journey and I am incredibly proud of what we’ve achieved with our team, helping you transform your small savings into big goals.

All The Best and Happy New Year,

Marvyn


(Izzy) #4

i got the email as well… i did try folio out, but did not see any real benefit for me, now that we have pots, everything is in one place, a lot easier to manage


(Izzy) #5

Did Folio not go up for a crowdfunding round this year?


#6

Yes. They failed to raise money on Crowdcube in July.

If anyone can watch this pitch video to the end they have a lot more patience than me.

I got up to “we dislike thinking about money… what the raisins?” :thinking:


(Andre Borie) #7

I don’t know if it’s just me but his very strong French accent just ruined the entire thing for me, reminds me of my high school days and student’s poor attempts at talks during English lessons. I can’t take this pitch seriously after thinking of that. :joy:


(John Biondini) #8

Quite sad about this news. I was using Folio as it takes the money automatically from your account, I wish Monzo’s Pots did the same to be honest :frowning: I find it harder to keep track and manually transfer the savings for my different goals.