Glint Pay, the U.K.-based fintech that allows users to trade gold currency through a mobile app, will resume business next week after it found 5.7 million pounds ($7.3 million) from new investors and emerged from administration, which is the British equivalent of bankruptcy.
The firm, which expanded its business to the U.S. in July, entered administration in late September after a dispute with a secured creditor.
“I would like to thank existing and new shareholders who have backed the company with a fresh injection of financing,” founder and CE0 Jason Cozen said in a company statement. “I understand the frustration of our customers and can only apologize for the inconvenience caused by the dirsruption, which led to accounts being suspended.”
The company said that client funds remain segregated at a tier 1 bank, and physical gold belonging to clients is secured at an accredited Brink’s vault in Switzerland. Lloyds Bank had frozen client accounts as a precaution after the administration filing.
The Financial Conduct Authority, a U.K. regulatory body, announced earlier this week that the firm had come out of administration and the joint administrators told Mobile Payments Today in a statement that the company would be back up and running by Monday, Nov. 25.
“We would like to thank Glint’s clients for their patience during what we appreciate must have been a frustrating time,” former Joint Administrator Jason Baker said in an emailed statement. “We have worked closely with the Glint management team and various stakeholders throughout the administration process to ensure that every measure was taken to protect client funds and enable clients to access accounts at the earliest opportunity.”
Cover image: Glint Pay
Topics: Mobile Apps, Mobile Payments, Region: EMEA, Regulatory Issues
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