UK fintech start-up Silverbird enters special administration
UK fintech Silverbird Global Limited (SGL) has entered special administration, with Daniel Conway and Geoffrey Rowley of UK business advisory firm FRP Advisory appointed as joint special administrators (JSAs).
UK fintech Silverbird enters special administration
According to the Financial Conduct Authority (FCA), Silverbird officially entered special administration on 13 March under the Payment and Electronic Money Institutions Insolvency Regulations of 2021.
Founded in 2020 by Max Faldin, the London-based fintech provides small and medium-sized enterprises (SMEs) with multicurrency business accounts designed to power international trade, enabling businesses to store funds in e-wallets and make cross-border payments.
A statement posted on the fintech’s main website reads: “Only limited information is available at this early stage of the Special Administration. Our initial actions will be to secure the assets of the Company, including securing all customer safeguarded funds.
“Whilst every effort will be made to return funds to customers as soon as possible, it will firstly be necessary for the JSAs to secure control of all relevant information, reconcile balances 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 being undertaken.”
The FCA says the JSAs will now work to “provide a report to creditors within 8 weeks of their appointment which includes details of SGL’s history and the JSAs’ proposals” and will “gather as much information as possible from creditors and customers of SGL about payments made to, or owed by, SGL”.
The regulator adds that direct customers of SGL “should contact the JSAs if they believe they are owed money or have any questions”.
