UK e-money fintech Nvayo Limited enters special administration
UK-based electronic money issuer Nvayo Limited has entered special administration, with Dane O’Hara, Alex Cadwallader and Andrew Poxon of Leonard Curtis appointed as joint administrators on 10 February 2025.
Nvayo Limited enters special administration
The appointment of administrators follows an application made by Nvayo’s directors to the High Court of Justice in England and Wales to place the company into special administration “because they concluded that the firm was insolvent”, according to a notice published by the UK’s Financial Conduct Authority (FCA) on 14 February.
“The administrators will carry out an assessment of the safeguarded funds held with Nvayo,” the regulator states.
“The administrators are responsible for managing customer claims and returning funds back to customers, where possible. Customers should receive more information from them, including details on how to make a claim, within 8 weeks of appointment,” the FCA adds.
A letter sent by Leonard Curtis to Nvayo’s customers on 10 February reads: “Following our appointment as Special Administrators, our initial actions are to secure the assets of the Company and to identify amounts owed to the Company’s Customers and Creditors.”
“The Special Administrators will be seeking to return amounts owed to Customers as soon as possible,” the letter continues. “Unfortunately, whilst this work is being undertaken Customers will not be able to access the amounts owed to them.”
In a media statement, joint administrator Dane O’Hara says: “First and foremost we wish to assure customers that our priority is to return monies, where possible, to customers as quickly as possible and we are working closely with the regulators and the operators in this regard.”
In a notice on its website, Nvayo writes: “The Special Administrators have secured all clients’ assets and safeguarded the Company’s systems. Clients are assured that their assets are safe.”
Founded in 2008 and headquartered in London, Nvayo specialises in the issuance of pre-paid cards and electronic money, and also provides payment processing and foreign exchange services.
The FCA says it previously told Nvayo it could not carry out e-money services without its consent in August 2023. In its latest statement, the regulator says: “We did this because we had serious concerns about Nvayo and its compliance with anti-money laundering rules.”
Nvayo applied with the Upper Tribunal to have these restrictions lifted, but the application was dismissed in February 2024.
