"We've already shared the news with our customers and tribal partners, but this will be the first time many of our stakeholders may be hearing that Totem has come to the end of its road," says Buker in a post published on LinkedIn at the end of last week.

The post's author, Buker, expresses her pride in the "incredibly short amount of time we've spent working to improve financial wellness and banking access for Native Americans nationwide." She goes on to describe Totem as a "thoughtful, culturally relevant banking product" that, in its lifetime, has reportedly reached "over 500 customers representing more than 70 different tribal nations."

With Totem's banking app, Native Americans could manage their accounts, pay their bills, and accrue incentives for their spending. The current accounts had no monthly fees or minimum balance requirements.

Additionally, it offered educational programs and materials via the app to support the Native American community's efforts to become more financially literate.

"We developed a moral business plan that demonstrated that serving 'risky' or 'niche' populations is achievable when you build holistically and connect to the wider needs of their communities through value-added services like payments," Buker writes in his piece.

"However, companies who wish to cater to Indian Country must act swiftly and with confidence. And that happens a lot, lot slower than what one would anticipate from a venture-backed business.

The Tulsa-based startup raised $2.2 million in pre-seed fundraising in December 2022, with Raven Indigenous Capital Partners leading the round. In July 2023, the app was released.

extra supporters include Ruthless for Good, Candide Group, Alloy Alchemist Fund, Debut Capital, and Amazon Web Services, which gave Totem an extra $125,000 as part of its Impact Accelerator for Women Founders.

FinTech Futures has reached out to the firm for a statement.