Toronto based FinTech startup Planswell announced that it is shutting down. The company confirmed that all 57 employees would be out looking for a new job.

Planswell was developing a financial planning service for Canadians looking to build financial plans. Its business model included acting as a brokerage to connect people with mortgage, investment, and insurance offers. The company had previously claimed to have built over 150,000 financial plans for Canadians.

In a blog post on its website, the team said:

Goodbye, Planswell…

You started off as an idea. A brilliant idea. People started to follow you. You became a movement. You changed lives. You grew. Oh, how you grew. In leaps and bounds.

In four years, you grew from a little idea to a team of 57 amazing people sharing you with the world. Thousands of people built financial plans. Hundreds of thousands of dollars were saved through better advice. Over a hundred people left an uninterrupted streak of enthusiastic 5 star Google reviews.

You did absolutely what was in each client’s best interest and you delivered that actionable insight in only a few short minutes – for free. You proved you were needed in all 18 countries we tested. This year alone you were ready to launch in 6. You proved you were capable of finding hundreds of thousands of new users per day.

You were built on a series of miracles. We were one miracle short…

We screamed in silence, for a month, as the world crashed down around you. Our leadership spent every waking moment on emergency calls and in board rooms while our team broke client service records… it wasn’t enough. Our hearts were ripped from our chests. You could not be saved.