Exclusive: Fintech faces flurry of senior departures

By George Geddes on Monday 28 January 2019

Savings and Investment

Payment app Glints has faced four senior positions leaving the company including co-founder and COO Ben Davies.

Gold payments app Glint has seen its co-founder and COO Ben Davies leave the company in addition to three other members of management also on garden leave.

London-based Glint offers a payment card which is backed by physical gold. The company was founded in 2015 in a bid to reintroduce gold as money. Its customers can hold a range of currencies which can be used to purchase gold through the app.

Speaking with AltFi earlier in the month, Glint’s co-founder and CEO explained two individuals, including Ben Davies, had stepped down from its board of directors. News also followed that the company pulled its £2.2m crowdfund campaign and postponed its US expansion.

The three individuals on garden leave were part of Glint’s 11-person management team. The company retains a 43-strong team with management including CEO Jason Cozens, Head of Operations, Head of Sales, Head of Marketing and a new Head of Compliance.

Amid the senior departures, AltFi has learnt Glint has restarted its Series A investment round which was paused due to complications with its US expansion. The company has since opened offices in the US as well as Japan as it prepares to launch in both countries.

Cozens spoke exclusively with AltFi, saying: “We have raised over £7.5m as part of our fundraising over the last three years. Additionally we have received funding as part of our Series A but did pause this round in Q4 last year while we gained clarity on our timings for our US launch.”

Glint is receiving investments every week from current investors, according to Cozens. The funding is being used to expand its product capability and to enter new markets.

The company launched a new product last week, offering its users access to multi-currency wallets on its Android app. Previously only being available on iOS, users can exchange and spend in euros and US dollars, in addition to gold and GBP.

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