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Aura Financial — a lender that markets itself as a cash advance alternative and caters to lower-income, underbanked borrowers — has closed, creator and previous CEO James Gutierrez had written Monday in a LinkedIn post.

“As soon as the it that is first Aura ended up being from the verge of closing new funding on its last march to profitability,” Gutierrez published. “However, abruptly, all money dried out while the doubt of just how our low-income, mostly Latino consumer base would get over a that disproportionately impacted their jobs, health, and funds intimidated investors.”

Gutierrez stepped straight down as Aura’s CEO summer that is last consider raising cash for the business, and since that point, explored a strategic purchase and merger opportunities as prospective paths ahead, he had written Monday. “Unfortunately, some time circumstances are not on our side,” Gutierrez penned.

Dive Insight:

Aura’s closing renders one less California online payday loans financing selection for low- and moderate-income (LMI) borrowers and contributes to a list that is growing of platforms — including digital banks Azlo and Simple — that have shuttered in 2021′s opening days. (more…)

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