Exclusive: Gold payment app Glint has fallen into administration months after raising £5m

By Oliver Smith on 20th September 2019

Fintech

Glint continued to sign-up new customers today and accept deposits even after filing.

Exclusive: Gold payment app Glint has fallen into administration months after raising £5m
Image source: Glint.

Glint, the gold payment app, has fallen into administration, AltFi can exclusively reveal.

The news comes just three months after Glint announced a £5m fundraise from asset manager Sprott, and two months after Glint subsequently launched in the US.

When asked on Friday the FCA confirmed to AltFi upon being asked that Glint had fallen into administration on Wednesday.

Up until Friday, however, Glint was still on the Financial Services Register as an Authorised Electronic Money Institution.

Likewise Glint continued to solicit new customers on social media up until and including on Friday, similarly, customers on social media reported receiving their cards and depositing funds on Friday, despite the company having filed for administration on Wednesday.

In one post Glint on Friday wrote: “What our clients are saying! 'My Glint card came today. I'm so thrilled to use gold and not the federal reserve anymore.”

The FCA has published a note for concerned Glint customers, in it they confirm that deposits made are not covered by the Financial Services Compensation Scheme (FSCS).

It’s unclear at this stage what the reason for Glint’s administration is, it’s also unclear what this means for Glint's US business and what the status of funds deposited by Glint customers are.

AltFi previously exclusively reported that Glint had run into hot water at the beginning of the year, with a flurry of senior departures leading it to delay its US expansion and shelving its crowdfunding campaign.

AltFi is awaiting comment from Glint on its administration, trading activity following its entering administration on Wednesday, and status of its customer deposits.

Read more: Tens of thousands of Glint customers left in the dark as administrators take control