Google is one of the leading companies in the area of technology and internet, being known for the several novelties launched in the market, as well as several innovations that changed the way we use technology itself. However, if we know of the several successes of the company, it is also public knowledge that there are many failures and every year we know of the closure of services that did not have the desired success. But this may be a record.
Some that even succeeded, like Picasa, but there were others that didn't. However, this service was announced at the end of November 2020, although it wouldn't hit the market until 2021 (this year). However, it's very unlikely you've heard of it, maybe not even Google employees themselves.
What we're talking about is the Plex, which ended up having a very short history, and probably not even in the US had many subscribers. The idea was good: it was a way to facilitate the opening of bank accounts through Google, establishing partnerships with some financial institutions, the first being CitiBank. However, things didn't go as expected.
According to the Wall Street Journal, the first to announce this closure, the company has decided to abandon plans to present bank accounts to its users. According to the company, the goal is to shift focus to promoting the financial and banking services of others, rather than having their own service.
According to Citibank, there are about 400,000 people signed up for Plex, and now CitiBank will suggest subscribers to another type of account, and they also mention that pandemic may not have helped them launch this new service in conjunction with Google.
However, the WSJ reports that some of the financial institutions that partnered with Google for Plex were taken by surprise, because the indications they had as recently as last week were that the service was still being prepared. But Google will certainly find other ways to operate in the financial market.