Monneo, a FinTech providing virtual IBAN accounts, has entered special administration.

The London company says it is seeking to salvage customer funds amidst insolvency. 

Daniel Conway, David Hudson and Paul Allen of corporate restructuring firm FRP Advisory have been appointed as joint special administrators.

“Our initial actions will be to secure the assets of the company, including securing all customer safeguarded funds,” it stated.

“Whilst every effort will be made to return funds to customers as soon as possible, it will firstly be necessary… to secure control of all relevant information, reconcile balances and/or establish customer entitlements and ensure that the necessary due diligence and know your customer information is present, current and correct. 

“Unfortunately, customers will not have access to their funds while this work is undertaken.”

Wejo Ltd calls in administrators

Founded in 2016, Monneo was instructed in early April to halt all payment services regulated by the Financial Conduct Authority due to concerns that it was not meeting the conditions of its authorisation.

Customer funds held by the company are not protected by the Financial Services Compensation Scheme (FSCS). 

In its most recent accounts, filed on 31st March 2022, it reported post-tax annual profits of £918,000.

£1.3bn record turnover at Nasdaq-bound Noventiq