Glint rescued from administration after securing £5.7m

By Oliver Smith on Friday 22 November 2019

Savings and Investment

Having exited administration CEO Jason Cozens says Glint “has a strong and exciting future”.

Glint rescued from administration after securing £5.7m
Image source: Glint CEO Jason Cozens/Twitter.

Gold payment app Glint is no longer in administration after its management team secured £5.7m to settle its debt.

The rescue comes two months after AltFi exclusively revealed that one of Glint’s creditors had triggered its administration, and later launched a hostile takeover bid.

“I would like to thank existing and new shareholders who have backed the Company with a fresh injection of financing,” said Jason Cozens, Glint’s CEO and Founder.

“I understand the frustration of our customers, with whom Glint has been barred from communicating by the Administration process. I can only apologise for the inconvenience caused by the disruption.”

Glint customers have had their accounts frozen throughout the administration process, leaving many frustrated especially as the price of gold has fallen around 3.9 per cent during that time.

Cozens wrote to Glint’s customers today to explain that accounts would be unfrozen and normal service would resume for the startup’s EU clients on Monday 25 November (Glint’s US business was not affected by the administration).

“I know you have been exceptionally patient but I ask you to exercise that patience for another few days. The reasons why you chose Glint in the first place remain the same today.”

Cozens also spoke of the company’s future plans, including launching in new markets outside of the EU and US, peer-to-peer payments, and “we are shortly going to issue a solid gold Glint card”.

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