Today we’re announcing the shutdown of Spritz effective immediately, while giving existing customers 60 days notice to export their data.
Below is a copy of the official email we sent to customers this morning.
The genesis of Spritz happened during my time at GoDaddy. Paying for company expenses was relatively easy with a corporate card, but submitting the actual expense was an arduous and somewhat arcane process.
So much so that it was someone’s full-time job to chase people for their expense reports & errant receipts.
The system was broken.
It turns out this isn’t just a problem for companies the size of GoDaddy, it’s something that causes pain for companies of all sizes. And really the pain is most acutely felt not by the company or its teams of finance staff, but by the employees themselves who are forced to jump through hoops to buy what they need to get their job done.
We validated the market, built a team & a product to solve the problem but ultimately were unsuccessful, in part due to build a self-sustaining business or raise the capital to help us get there.
Shutting down hasn’t been an easy decision. We explored multiple avenues to avoid this, including raising smaller amounts of capital, bootstrapping, and potential acquisitions but ultimately felt the best decision for ourselves and our customers was to call it a day.
Existing customers will have until August 6 to export their data, cancel active cards and withdraw any funds held in our FDIC insured accounts.
To request your data export & the refund of your final balance please email email@example.com when you’re ready.
We will then immediately cancel any remaining active cards before completing your request within 48 hours of the request.
We’re rooting for someone to solve these problems in an elegant way – they’re not going away any time soon. We suggest reviewing both Brex and Divvy as alternatives.
Ned & Tim & Sean & PJ