FCA-authorised payment services firm Monevium Ltd entered special administration on Thursday, with Adam Henry Stephens and Christopher Allen of S&W Partners LLP appointed as joint special administrators.
The administration was ordered by the Court under the Payment and Electronic Money Institution Insolvency Regulations 2021. The administrators are responsible for managing customer claims and returning funds where possible.
Monevium could no longer fund the operations required to return customer money after a prolonged period of non-trading, according to Accountancy Today.
The firm agreed to a voluntary undertaking on 28 February 2024 that restricted the activities it could carry out. Those restrictions remain in place.
The FCA said Monevium continues to be authorised and that it will engage with the special administrators to seek the best outcome for customers.
Customer funds remain segregated from company assets and will continue to be safeguarded. S&W has set 13 August 2026 as a soft bar date for customer claims, after which the administrators intend to seek court approval for a distribution plan.
London-based Monevium, formerly known as Advanced Wallet Solutions Limited, offered payment services including SEPA payments, EUR IBAN accounts, and domestic and international fund transfers.
