A few thoughts about the premature demise of Google Plex
The service would have offered checking and savings accounts with various financial institutions (including Citigroup) inside the Google Pay environment to U.S.-based consumers.
But perhaps the rapid acceleration of digital banking (in part due to the COVID-19 pandemic) made Plex a weaker product/market fit than initially thought. Both incumbents and neobanks have ramped up efforts to meet such strong demand. One thing is for sure: digital / mobile banking is a more crowded market than two years ago when the Plex blueprint was initially conceived.
Did Google get cold feet? It sure seems like it. However, I wouldn’t be surprised if Plex get resurrected (albeit in a new form), especially if market conditions improve in the near future.