Ipagoo has gone into administration, according to the Financial Times. The fintech offered users multicurrency accounts with an accompanying debit card, and aimed its services at consumers who make international transfers or travel throughout Europe.
It was also the first nonbank to access CHAPS, the clearing house automated payment system that settled around £330 billion ($401 billion) of payments every working day with the Bank of England. The collapse came only days after the UK’s Financial Conduct Authority (FCA) ordered the fintech to stop all regulated activity, after it was discovered that Ipagoo had problems segregating customer money, which is a regulatory requirement.
UK fintech Ipagoo has followed others into FCA administration