XPO, a startup that raised about $1 million to help creators and influencers get their invoices quickly paid, has gone into administration.
The London-headquartered company appointed an administrator, Alan Clark, last month, Companies House records show.
Founded in 2018, XPO was one of several fintech startups looking to tap into the multi-billion dollar creator and influencer market.
It raised $1 million in seed funding from Blue Wire Capital, according to CrunchBase.
However, the company's co-founder Lotanna Ezeike tells Finextra that it went into administration after running out of funding and was unable to raise another round.
The firm's first product was designed to help users get paid within 24 hours, removing the burden of having to chase invoices.
To finance payments, XPO formed a partnership with embedded business finance lender Sonovate.
But it had grander plans for the creation of a financial ecosystem that would offer a host of banking services, including credit.
Ezeike - a former Barclays digital lead - left his role as chief product officer in July, according to LinkedIn. He has moved on to a new venture, helping international students in the UK get tourist visas to visit European countries.
Blue Wire and Sonovate have yet to respond to requests for comment.