Canadian fintech start-up Hardbacon closes down

Closure Announcement: Hardbacon, a Canadian personal finance fintech based in Montreal, has ceased operations after seven years in business.
Service Overview: Founded in 2017, Hardbacon offered a mobile app with investment tools and comparisons for financial services like bank accounts, crypto exchanges, online brokers, robo-advisors, credit cards, and mortgages.
Funding History: The company raised $706,000 from over 500 investors in July 2022 via FrontFundr, and an additional $819,000 in November 2022 through the same platform.
Reasons for Closure: Co-founder and CEO Julien Brault attributed the closure to declining traffic caused by a Google update that downranked low-quality content. Hardbacon’s traffic fell by 97%, from 350,000 monthly visitors to about 50,000.
Bankruptcy and Asset Sale: The company will declare bankruptcy, and there is a possibility that third parties may purchase some of its assets. About twenty credible buyers have shown interest.
Recent Traffic Surge: A subsequent Google update caused a significant increase in traffic, but Brault believes it may be too late to reverse the financial situation.
Next Steps: Hardbacon will provide instructions for users to reclaim funds and offer refunds for physical ring hardware, while focusing on potentially finding a new owner for the app and its assets.