Update 2: Glint freezes withdrawals as administrators confirm customer money is safe

By Oliver Smith on 24th September 2019

Fintech

Administrators give their first update, seeking to assure customers that funds are safe.

Update 2: Glint freezes withdrawals as administrators confirm customer money is safe
Image source: Pexels.

Administrators for Glint Pay have issued their first statement since the company entered administration on 18 September, confirming that client money is safe.

In a just-released statement, FRP Advisory LLP writes:

“The Administrators have no reason to believe there are any deficiencies or inaccuracies in the Customer Funds held. Withdrawals have been halted whilst the position is verified by the Administrators’ team.”

The partners at FRP are currently working through verifying Glint’s position in respect of Customer Funds, which the company’s management advised the administrators are fully reconciled, accounted for and protected.

“While this process is underway, no withdrawal requests are being processed (including payments on customer debit cards, ATM withdrawals or FX transactions).”

Joint Administrator Jason Baker said: “Following a dispute with the secured creditor, the board were unable to secure sufficient funding in time to repay the outstanding loan.

“As Joint Administrators, our priority is now to undertake the reconciliation exercise as quickly as possible to confirm the position in relation to customer funds. We will also be working with the board in seeking investment to rescue the Companies and exit Administration, failing which to achieve a transfer of the business and assets to an appropriately regulated entity”

An update on how long this process is likely to take will be uploaded to the Glint website on Thursday 26 September.

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

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

Developing...

AltFi Toronto Summit 2019

AltFi is coming back to Toronto following on from a highly successful event last year. We'll again be bringing a high profile international showcase of speakers from the leading fintech and alternative finance leaders.

11th December 2019