Ipagoo enters administration
E-money provider, Ipagoo, has entered administration, as reported by the Financial Conduct Authority (FCA).
This was to protect the interests of Ipagoo’s customers.
The FCA register was updated on 24 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.
On 1 August 2019, Ipagoo appointed Jason Baker and Geoff Rowley, partners at specialist business advisory firm FRP Advisory LLP, as Joint Administrators. 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.