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Glint exits administration

Glint exits administration

Glint, a London-based fintech startup that enables users to store, spend and save their wealth in gold, has come out of administration after securing £5.7 million from investors.

Glint went into administration in September after failing to secure funding to repay an outstanding loan.

However, with the new financing in place, regulators have given the green light for management to take back control, with support from the board and major shareholders, says a statement.

For the last two months, customer accounts have been frozen, but Glint says that all funds are safe, with gold stored in a Swiss vault and fiat money in segregated accounts. Lloyds Bank has now unfrozen accounts and normal service will resume next week.

Jason Cozens, CEO, Glint, says: “I understand the frustration of our customers, and I can only apologise for the inconvenience caused by the disruption, which led to accounts being suspended.”

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