Assure, a fintech startup specializing in SPV administration is shutting down
- ByStartupStory | November 24, 2022
Assure informed its clients on Tuesday night that it will be shutting down operations. Assure is a well-known fintech platform that specializes in the administration of special purpose vehicles (SPVs).
The company was originally founded a decade ago in 2012 and is based out of Salt Lake City. The company’s major functions are handling back-office tasks for both SPVs and traditional private equity funds. As of now, the company has not shared any details regarding the reason for its shutting down. In recent years SPVs have gained a lot of popularity and Assure has claimed that they have achieved a huge completion rate of SPVs and private transactions than their competitors.
The company said in a statement, “The industry has evolved considerably over the decade since we founded our company. Current market conditions have resulted in Assure evaluating its business model.” Assure’s website homepage and social media are fully functional as of now. Users have been made aware of how to share information, how to handle existing cash distributions, open bank and brokerage accounts, and crypto-related SPVs. Assure has joined hands with a rival company called Allocations, to keep the ongoing services available for users who are interested.
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