TranzactCard and FinMORE are now permanently closed and will no longer be operating, including their websites, social media sites, emails, customer service, and all correspondence channels.
From Peter R. Rancie | For TranzactCard and Finmore
We’ve experienced delays in the marketplace’s delivery, and we’ve had to repeatedly replace contracted banks and card issuers due to federal and state regulatory issues beyond our control. The direct sales industry is also surrounded by constant noise. Unfortunately, launching a competitive operation has irreconcilably eroded TranzactCard and Finmore’s ability to achieve their respective missions.
Due to the latest factor, many digital communication channels have been contaminated with a social media conflict that is still intensifying. Instead of investigating or accusing any particular individual or group who may have established or migrated to this new competitor with cross-recruiting, breaches of non-disclosure agreements, or other potential contract violations, TranzactCard and Finmore have decided to shut down all operations immediately.
“I want to clarify that I do not hold any of our competitors responsible for the delays or mistakes made by TranzactCard or Finmore. However, instead of focusing on TranzactCard, we have been primarily occupied with the transition to Finmore for most of 2024. This shift was requested by the Field Leadership Council and not initiated by the corporate office. Some of the same leaders who advocated this move created and promoted the new competitive entity even before Finmore had released its products. Looking back, these last few months have been a complete distraction. It is time to end the social media unrest and the resulting chaos. The social and commercial objectives of TranzactCard and Finmore cannot be achieved in this environment. Therefore, both companies will cease all operations immediately.”
Note: The new competitive entity has no affiliation with TranzactCard or Finmore. However, the two companies have potential or actual conflicts of interest, such as crossover activities of certain field leaders, legal counsel, and the technology team. Although these issues require further consideration by outside legal counsel, no accusations are being made in this statement. Overall, these conflicts have had a compounding effect. From now on, the success or failure of the new entity will depend solely on merit, as they no longer have access to TranzactCard’s or Finmore’s platforms or personnel to support their positions. Unfortunately, the contracted institutional banking, investment, and commercial partners crucial to our success are no longer willing to work with us due to the current muddied waters. They prefer to collaborate in a clean, corporate environment.
What Does This Mean For You?
1. All employees and contractors of TranzactCard and Finmore have ceased their engagements. There will be no further correspondence from either entity.
2. There will be no corporate correspondence from me until further notice. This may be frustrating, but is necessary for the present while we plan next steps.
3. My email address will be the only channel maintained for correspondence between these entities. I will address all necessary items from whomever, in their order and within available means.
4. Naturally, registrations for all products and services have ceased.
5. Legal teams are working on mechanisms for the proper wind down of TranzactCard and Finmore, including proper disposition of licenses and other assets.
6. I understand that some will completely lose faith and some will stay the course; I will respect your decisions.
Will There Be a Next? Possibly. But Only With Proper Timing, in an Orderly Manner
The last two years of your efforts, and ours, have proven beyond doubt the need and desire of many people to enjoy the fruits of the original social impact mission:
- Increased buying power for ordinary Americans,
- Community-driven rather than shareholder-driven banking,
- A re-invigoration of the community banking sector, and
- Sustainable home-based business units.
Although TranzactCard and Finmore will no longer be part of the mission, the mission itself has not ceased. Many individuals, along with numerous investors, vendors, and service providers, are interested in continuing the mission. Eventually, a program will be presented that is specifically designed to achieve the mission. However, this program will only be released if it meets certain criteria.
* an already built and fully functioning store loaded with a broad array of mission-centric suppliers and products;
* an attractive suite of business and compensation systems, suitable for multiple distribution platforms and markets;
* a well-capitalized and fully-prepped operating team;
* banks, cards, and other requisite institutional partners;
* an international platform that allows global alliances to operate alongside the US-based operations;
* a pre-registration process designed to recognize and reward those who have stayed the course.
I readily acknowledge the frustration that so many of you have experienced.
Thank you, for your patience and shared sense of mission.
Sincerely, Peter R. Rancie
April 12, 2024
Email address: peter.rancie@finmo.com
