Aura Financial is a lender that specializes in providing payday loan alternatives to low income borrowers. It often works with consumers who are underbanked and who are unable to open up bank accounts in the United States. In a recent announcement, Aura Financial said that it has recently closed. The company’s founder James Gutierrez revealed the news in a post on his social media account. Gutierrez was the former chief executive officer of the company.

During the announcement, James Gutierrez said that when the pandemic first occurred, Aura was about to secure new financing and eventually reach profitability. However, the company’s capital dried up due to the uncertainty of low income customers would be able to recover from the pandemic. According to James, these low income workers had their jobs and health impacted by the pandemic. As a result, investors were reluctant to invest more funds in the company. After evaluating the situation more, the investors decided to stop providing funds to Aura Financial and the company had to shut down permanently.

Last summer, James Gutierrez stepped down as the chief executive officer of Aura Financial. He stepped down in order to focus on raising money for the company. During this time, he looked into a sale or merger to help Aura Financial get through the economic conditions caused by the pandemic. He was interested in some merger opportunities that could have infused some funds into the company to prevent it from closing. However, there was not enough time and as a result, Gutierrez had to end operations immediately.

Despite this setback, James is still determined to find more ways to help low income and underbanked consumers get the essential financial services that they need. He continues to work with his companies by helping them develop new methods to accommodate the needs of its customers. In the future, James plans on starting up another financial services company once the pandemic ends.

Connecting his social network: http://Linkedin.com/in/jamesgutierrez