UK-based e-money fintech Nvayo Limited has entered special administration due to insolvency. The FCA confirmed the move, with Leonard Curtis appointed to manage customer claims. Fund access remains restricted, with updates expected within eight weeks. Nvayo faced FCA restrictions in 2023 over compliance concerns.
Nvayo Limited, a UK-based electronic money issuer specializing in pre-paid cards and payment processing, has entered special administration after being declared insolvent. On February 10, 2025, Dane O’Hara, Alex Cadwallader, and Andrew Poxon of Leonard Curtis were appointed as joint administrators following an application by the company’s directors to the High Court of Justice in England and Wales.
The UK Financial Conduct Authority (FCA) published a notice on February 14, 2025, stating that Nvayo’s directors sought administration after determining that the company was no longer financially viable. The appointed administrators will now assess the safeguarded funds held with Nvayo and manage customer claims, ensuring funds are returned where possible. Customers are expected to receive further instructions within eight weeks.
A letter from Leonard Curtis to Nvayo’s customers outlined initial steps, including securing company assets and identifying amounts owed to customers and creditors. However, customers will be unable to access their funds until the administrators complete their work.
Our priority is to return monies, where possible, as quickly as possible, and we are working closely with regulators and operators in this regard.”
Dane O’Hara, Joint administrator
Nvayo, founded in 2008 and headquartered in London, provides electronic money issuance, payment processing, and foreign exchange services. The company has faced regulatory scrutiny, with the FCA restricting its e-money services in August 2023 due to concerns over its compliance with anti-money laundering regulations.
In a statement on its website, Nvayo assured customers that their assets remain secured, despite the ongoing administration process.
