see each otherthe Spanish fintech Bizum competition, closes. “Versers, we have made the difficult decision to close our app next September 13. Steps to take before Verse closes: Check to see if there is any money left in your balance. If you have money, transfer it to another account outside of Verse. Close your account before September 13. Many thanks for everything”. With this message that appears to everyone who enters its website, the payments ‘startup’ has announced to its users the cessation of its operations.
Behind the end of this journey of almost seven years is, according to the company itself in a publication on his blog, “a lack of vision to identify a sustainable path that allows Verse to continue growing”. The ‘fintech’ wanted to send a message of tranquility: “We want to assure our clients that all funds are completely safe.”, but, he insists, in the “necessary” which is for users to withdraw money.
“European banking law requires financial institutions to safeguard all customer funds in protected accounts, even after service closure. Verse meets this requirement at all times. Thus, customer funds in Verse accounts will remain there in their entirety until users withdraw them,” they reiterate.
“We don’t make decisions like this lightly, as we know they affect our customers, partners and team members who have helped build us to where we are today.”, they lament, thanking them for their support over the years: “We are committed to making this transition as smooth as possible. and in the coming weeks we will continue to inform users of the changes to expect and the actions they need to take”.
The company was created in 2016 by three entrepreneurs, to serve as a fast money transfer platform. In 2019, it obtained the electronic money institution license from the Bank of Lithuania, which allowed it to operate throughout the European space. In June 2020, Verse was acquired by Block (formerly Square)the payment company created by the co-founder of Twitter, Jack Dorsey, for more than 30 million euros.