San Francisco – Seis, a neobanking start-up dedicated to serving Spanish-speaking residents in the United States, has announced its impending closure. The company, founded by Y Combinator alumnus Trevor McKendrick, revealed the decision in a statement posted to LinkedIn by its CEO and co-founder. Seis had achieved significant growth, reaching $10 million in annualized revenue within 16 months of its launch.
McKendrick stated, "I have a sad announcement to make today: Seis is shutting down." He attributed the closure primarily to shifting immigration patterns, noting, "There’s a lot to say here, but the short story is that immigration patterns changed and we saw less demand for our product." The company plans a multi-month wind-down process to ensure a proper transition for its customers and banking partners.
Launched as part of Y Combinator's Winter 2022 batch, Seis offered deposit accounts, debit cards, and credit products through its Spanish-language app. The platform successfully attracted a large user base, with McKendrick highlighting, "We opened accounts for over 500,000 people, most of whom were immigrants, and had over 100,000 5-star reviews in the App Store." Customers reportedly spent over $500 million annually using their Seis debit cards.
The company's focus on compliance and strong relationships with banking partners, including Thread Bank, Unit, and Lead, was emphasized in the announcement. McKendrick reflected on the journey, sharing, "Nothing has ever made me feel more alive than running Seis when things were really working." The closure marks a significant development within the niche fintech market targeting immigrant communities.
