The Financial Conduct Authority has banned Sendsii Ltd from operating after it was suspended by tax authority HMRC late last year.
The London FinTech is required to return all funds held for or on behalf of existing customers, the FCA said, and it has now been prevented from conducting any regulated activity.
Customers of the remittance provider who are yet to receive money have been advised to contact the financial regulator’s supervision hub.
The company lost its registration with HM Revenue and Customs in October as it no longer met the conditions required for its FCA authorisation under the Payment Services Regulations 2017.
These require firms to maintain proper records and safeguard customer funds.
Sendsii’s sole director is Osman Buri Sheiba, who is also listed as managing director of Taaj Money Transfer, a FinTech operating out of Kenya.