June 16 (Cointime) - Exos Financial, which was established by former Credit Suisse CEO Brady Dougan, has faced challenges in the market, including missed payroll and layoffs. The company, which launched in 2018, aimed to be a modern investment bank with a digital platform, but its strategy of experimenting with various lines of business and acquisitions has not been successful. Despite raising an estimated $175 million, Exos has struggled to build a sustainable business and faces challenges in difficult markets.

Brady Dougan founded boutique firm Exos in 2016 with the potential funding of $3 billion from sovereign wealth funds, which later disappeared. Exos offered a wide range of services, including investment banking, technology incubation, crypto mining, and ETF sponsorships, but most of its new offerings have yet to bear significant fruit. The market for special purpose acquisition corporations (SPACs) has cooled down, and even Exos' SPAC ETFs have failed. Employee turnover has been high, and staff morale low, with recent reports of missed payroll.