Google gives up on Plex project

Google has abandoned plans to use its technology to offer bank accounts to its users, with a company spokesperson stating it was updating its approach to focus on delivering digital enablement for banks and other financial services providers, rather than serving as the provider of these services.

Through Plex, Google would provide its technology and app design, allowing users to open accounts with banks and credit providers. While allowing Google a route into financial services, it would also help traditional financial providers a way to tap into mobile banking, particular if they hadn’t developed their own apps.

WSJ reported 400,000 people had signed up to the Plex waiting list, and Citibank will now recommend other accounts to those users.