E-money provider Ipagoo LLP has entered administration.
Jason Baker and Geoff Rowley, partners at FRP Advisory LLP, have been appointed as joint administrators.
The FCA register was updated on 24th July 2019 and Ipagoo will no longer be able to undertake any regulated activities and must not dispose of its assets or any of the funds it holds in relation to e-money services.
Ipagoo holds funds on behalf of its customers, which are safeguarded in order to protect customer money if a firm fails in a disorderly way.
The administrator will carry out an assessment of the safeguarded funds held by the firm and will return these funds to customers as quickly as possible.
Ipagoo allowed customers to manage accounts in multiple countries on a single mobile app, as well as hold accounts in various currencies.
It claimed to allow customers to “securely manage all your finances within the palm of your hand”.
Clients who hold money on the platform have been instructed to contact the entities in the usual way.
SIGN UP TO OUR NEWSLETTER TO RECEIVE MORE NEWS LIKE THIS STORY
Industry reacts to Conservatives winning majority
The Conservatives have successfully won a majority in the 2019 general election, taking 364 seats (with one constituency left to declare) and 43.6% of the vote...
Shawbrook appoints Deepak Parekh as senior director of Midlands regional business team
Shawbrook has recruited Deepak Parekh as senior director of its Midlands regional business centre team...
Metro Bank launches receipt management app beta trial with Sensibill
Metro Bank is collaborating with Canadian technology firm Sensibill on the beta launch of its app-based receipt management technology...
Wyelands Bank appoints board and executive team members
Wyelands Bank has appointed Stephen Rose (pictured above, left), as deputy chief executive officer, and Rachelle Frewer (right), as chief financial officer...
Koto set to launch in January with aim to replicate monobank success
Koto is set to launch in the UK in January next year offering fixed-fee lending via an app...
What does responsible lending look like?
Lending responsibly is about much more than a bank managing the risk to itself...
Starling Bank adds Sparqa Legal as first legal service partner
Starling Bank has added Sparqa Legal as its first legal service partner...
OakNorth Bank completes £750,000 deal with Bright Minds Daycare
OakNorth Bank has completed a £750,000 debt finance deal for independent Birmingham-based nursery group Bright Minds Daycare...
OakNorth Bank makes several senior hires and opens new Birmingham office
OakNorth Bank has opened an office in Birmingham to support businesses in the Midlands and recruited four new senior hires...
The identity challenge: how can banks know who’s who?
Technology has transformed the world of banking, bringing all manner of new services to the table and revolutionising the way that customers manage their finances...
Metro Bank reduces BTL fixed rates
Metro Bank has announced it is cutting its fixed buy-to-let (BTL) interest rates by 0.2% for borrowers up to 70% LTV...