Google shuts down its Plex banking service before it even launches

Google has walked away from Plex, its program that aimed to pitch bank accounts to users of Google Pay. Announced two years ago, the idea of the service was that users of Google Pay could sign up for advanced checking accounts and debit cards at a number of partnered financial institutions. These were called Plex accounts and were pitched on the basis of not charging monthly or overdraft fees, while also offering a combined Google and bank dashboard. To put it simply: Google provided the tech, banks provided the financial services.
In the report from The Wall Street Journal, a Google spokeswoman said the company would now focus primarily on “delivering digital enablement for banks and other financial services providers rather than us serving as the provider of these services.”
Plex was announced in 2020, alongside the new Google Pay app. It would have pitched Google Pay as a direct competitor to other digital-first banks like Curve, Revolut, and N26. It was said to partner with nine…

Written By: Adam Conway

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