Loopt's products are to be shut down at an unspecified date, while its 30 employees will now comprise Green Dot's Silicon Valley-based mobile product development team. The company had about 3 million users at the time of the acquisition, Green Dot said.

Loopt had as few as 500 daily active users at one point recently, a source familiar with the company's app activity told VentureBeat. Sam Altman, the founder of Loopt, claimed the reported figure of 500 daily active users was inaccurate by a significant margin and said he would share data soon to validate his statement.

Reports from VentureBeat indicate that Loopt's daily active users were dwindling. A source familiar with the app's performance revealed that Loopt recently recorded as few as 500 daily active users. When contacted, Loopt's CEO Sam Altman said the figure was "off by orders of magnitude."

Loopt's products are to be shut down at an unspecified date, while its 30 employees will now comprise Green Dot's Silicon Valley-based mobile product development team. Green Dot said Loopt had about 3 million users at the time of the acquisition.

Loopt, co-founded in 2005 by Sam Altman, Nick Sivo, and Alok Deshpande, was one of the earliest startups to explore location-based social networking. In March 2012, after seven years of operation and raising over $30 million in venture capital, Loopt was acquired by Green Dot Corporation for $43.4 million, and its services were later shut down.

The acquisition was valued at $43.4 million, and Loopt's products were scheduled to be shut down at an unspecified date. The deal included 30 employees joining Green Dot's mobile product development team.

Loopt is a social service that connects people to their community. Loopt's mobile application and website give users the inside scoop wherever they go. The Crunchbase profile lists Loopt’s founding year as 2005 and notes its acquisition by Green Dot Corporation, with a total of several funding rounds leading up to the exit. While the profile summarizes the product and funding history, it does not provide specific figures on user counts near the end of Loopt’s operation.

Loopt acquired by payment card provider for $43.3m in cash. ... daily active users were below 500 prior to the sale.

Loopt reached 4 million registered users in July 2010, but the service was eventually shut down after its acquisition by Green Dot in March 2012.

According to a VentureBeat report cited in coverage of Loopt’s sale, Loopt’s daily active users were dwindling sharply prior to its acquisition. A source familiar with the app’s performance told VentureBeat that Loopt had recently recorded as few as 500 daily active users, highlighting how far engagement had fallen compared with its earlier registered-user milestones. This figure refers to daily active users, not total registered accounts, and was used to illustrate the app’s lack of traction at the time of sale.

The company raised $30M and built 5M+ users before being acquired by Green Dot Corporation for $43.4M in March 2012. Sam Altman’s only successful exit was a scam. He sold Loopt, a location-sharing app that reportedly had just 500 users at the end.

Reporting indicated Loopt may have fallen to roughly 500 daily active users before the sale. Altman publicly disputed that figure as being much lower.

Loopt was ahead of its time but struggled with user adoption and competition. Its technology was valuable enough for acquisition, but the app ultimately failed to achieve mass-market traction.