Matrix-backed neo-banking app Yelo shuts down
Image Credit: shortpedia
Gig workers-focused neo-banking platform Yelo has shut down operations as the company didn’t find product-market fit and manage to raise a follow-on round, said two people aware of the details. This is the first major debacle of the neobank space which amassed significant funding in the past two years. The shutdown could also be observed from its website which throws an error when one attempts to log in.