Teller.io shuts down at the end of the week

8 points by dmonn 88 days ago | 5 comments

Got this email from them just now.

---

We’re sorry to share that we will be withdrawing our API product this week.

While very popular with individual developers, we have not been able to attract enough large customers to make the product viable. Unfortunately, that means we have to discontinue it.

We are making reasonable efforts to keep the service available through the end of the week, but availability may degrade before then and we cannot guarantee that all functionality will continue to work during this period.

We understand this is very short notice, and we’re sorry for the disruption.

We are currently working on a new version of the product designed to address the costs issue with the current system, and we hope to share more information about that shortly.

Customers on paid plans will not be billed for any future periods. If there is anything you need from us, please contact us as soon as possible.

Thank you for using the product.

rubendinho 88 days ago |

Bummer - this space needs more competition, not less.

If you're looking for alternatives or to go multi-rail, happy to chat about what we're doing at Quiltt (I'm one of the founders).

nshmadhani 87 days ago | |

why do you say it needs more competition?

michaelzrork 87 days ago | | |

Not the person you're replying to, but in general any industry does better when there is competition. If Plaid is the only major player in the industry that means we're all stuck using them, and they can act however they'd like. They have no motivation to improve their service.

michaelzrork 88 days ago |

Oh shit. I haven't gotten that email, but do you know what the "API product" is? I have a developer account with them and have been using them to connect banks and sync transactions in my app, so I assume that's exactly what this is, but I don't see anything in their docs. And like, isn't that Teller's entire business? Are they shutting down the free model of 100 connections, or the entire business? Any insight?

KomoD 88 days ago | |

> Are they shutting down the free model of 100 connections, or the entire business?

I thought it was pretty clear from this part:

> Customers on paid plans will not be billed for any future periods.

It reads very much like it's not just about removing the free tier.