Hi all , i noticed over the past 6 months that there are alot of fintech start ups closing down and even virtual card services which have been around for 10+ Years are suddenly closing down. I cannot seem to find a provider that provides visa virtual cards anymore apart from revolut. There were plenty of services such as entropay but they are closing.
It seems to be happening at a sudden moment anyone know the reason for this? I dont really like using revolut so id like to find another virtual visa alternative.
As I had to agree when becoming a Monzo crowdfunder recently, most start-ups fail
They likely either ran out of money or were bought out purely for getting hands on the staff
Monzo do what most of them do (and so do a lot of legacy banks too in their way) and they do not make an overall profit right now, but do have the backing to continue trying
Good point. I was very surprised with the likes of Moneypolo and entropay closing down. They were extremely popular in terms of providing virtual cards. Possibly new visa regulations.
Those older services, generally charged a lot of fees and served a niche. New competition in the form of Revolut and the like don’t charge pretty much any fees and instead go for a large number of users
I feel like its something to do with visa regualtions. Every single virtual visa card operator has stopped. In terms of fees that wasnt really an issue with some website like entropay which charged 1% to top up only