This Verse payment app is shutting down. The company announced on Thursday that operations will end on September 13. In a public statement, Verse says it failed to secure a sustainable path that would allow customers to grow their usage while receiving the level of service and innovation they expect and deserve. Verse was founded in Barcelona in 2015 and once stood as a major competitor to Bizum; at one point it even owned Bizum. The founders are publicly associated with Twitter co-founder Jack Dorsey. Verse chose liquidation after reporting more than 30 million euros in funding across multiple rounds several years ago.
“The closing of Verse will take place on September 13. On that date, the app will be disabled and will disappear from app stores and devices,” the company noted. Beginning this week, Verse is taking steps to ensure customers have zero margin to leave their accounts before the deadline.
“Your funds remain protected, and a process will exist for those who wish to reclaim them after Verse closes,” the company website states. It also cautions that withdrawals will become significantly slower once the app is closed. Users are advised to withdraw funds using Verse while possible. After the deadline, downloading or accessing the application will not be possible, and the Verse Card will no longer be usable.
Verse’s trajectory
Verse’s path has been marked by turbulence since its inception. The founders Borja Rossell, Alex Lopera, and Dario Nieuwenhuis launched Verse as their second venture in 2015. About two years later, the company’s main shareholders, who had invested roughly $30 million across successive funding rounds, decided to pull out of the partnership and management, citing that the promised growth had not materialized. There were whispers at the time that the venture appeared bloated or overextended.
CEO Bernardo Hernandez, a seasoned entrepreneur and investor with roots at Google, Flickr, Tuenti, and Idealist, was at the helm as Verse faced leadership changes. He had previously steered the company blocks and helped shape the startup landscape in Spain, including affiliations with notable tech figures who contributed to Verse’s growth. The company’s leadership would later contend that strategic missteps and market dynamics contributed to its challenges.
Recent regulatory and legal pressures also weighed on Verse. The institution faced a €280,000 fine from the Bank of Lithuania for violations related to anti-money laundering and counter-terrorism financing rules, including inadequate customer identification practices that allowed potential anonymous accounts or accounts opened under fictitious names. These enforcement actions likely compounded the pressures Verse faced as it sought a sustainable path forward.
Verse’s official explanation for the shutdown centers on the failure to identify a viable, long-term strategy that would balance customer needs with responsible growth. Market conditions, regulatory scrutiny, and investor expectations all played roles in steering the company toward liquidation rather than scaling a sustainable business model in the competitive European payments space. As the closure proceeds, users are urged to complete any necessary withdrawals promptly and to remain vigilant about any further procedural updates issued by Verse or its regulators.