Mon, 25 Nov 2019 | ADMINISTRATION
Gold payment app Glint has exited administration after securing £5.7 million in new funding.
The app, which allows users to store and save wealth in gold and spend it using a MasterCard debit card, had gone into administration in September after failing to acquire the necessary funding to repay an outstanding loan.
The creditor which triggered the administration later went on to attempt a hostile takeover of the business.
Having secured the funding, the company’s management has received approval from regulators to retake control of the business, with the backing of the board and major shareholders, a statement said.
After the company entered administration, customer accounts were frozen and users could not withdraw money, a fact that Glint failed to acknowledge until five days later.
However, the company says that all funds are safe, with gold being kept in a Swiss vault and fiat money in segregated accounts. Normal service will resume from next week, after Lloyds Bank unfroze customer accounts.
Glint CEO and Founder Jason Cozens said: “I would like to thank existing and new shareholders who have backed the Company with a fresh injection of financing.”
“I understand the frustration of our customers, with whom Glint has been barred from communicating by the Administration process. I can only apologise for the inconvenience caused by the disruption.”
Addressing Glint customers, Cozens went on to add: “I know you have been exceptionally patient but I ask you to exercise that patience for another few days. The reasons why you chose Glint in the first place remain the same today.”
Cozens also discussed the app’s future plans, including expanding to new markets beyond the EU and US, peer-to-peer payments and “a solid gold Glint card”.
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