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Monday, August 19, 2019

News

Ipagoo enters administration

Theo Osborn | 13:18 Monday 5th August 2019

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.

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