Rational Foreign Exchange Limited (05385999): administration
- Status
- In administration
- Administration began
- 2023-11-29
- Administrators
- Edward George Boyle, Kristina Kicks
- Administrators' firm
- Interpath Advisory
- Incorporated
- 2005-03-08
- Location
- London
- Industry
- 64999 Financial intermediation not elsewhere classified
Why it went into administration
- Regulatory change or action
- Cash flow / liquidity pressure
- Brexit
- Loss of a key customer, supplier or contract
- Sustained trading losses
- Parent or group failure
- Competition / price pressure
- Property / lease costs
From the administrators' statement
The Company was incorporated in England and Wales on 8 March 2005 (Company number 5385999) and commenced trading in 2005. From May 2016, the Company traded from its leasehold head office and registered address at Floor 32, One Canada Square, London E14 5AB. The Company is a Fintech and authorised payment institution regulated by the FCA (reference number 507958) specialising in non-cash foreign exchange and payment solutions to private and corporate customers in over 50 currencies across over 170 countries.
The Company offered FX services in Europe. As a result of Brexit and the need to operate via a licensed entity, the Company entered into an agreement with UAB Payrnet (incorporated in Lithuania), which was a direct subsidiary of Railsbank. Following Railsbank’s insolvency and sale of business in March 2023, the Company sought to continue the offering of FX services in Europe via Currencycloud B.V. (“CC”) and then FreemarketFX Ltd (“Freemarket”).
The Company also carried out FX services for six strategic API and white-label partners: RemitGuru, Currency Transfer, Greenburg, XeoPar, Currency Online Group and Mero Remit.
Administrators' statement of proposals (2024-01-15) · Companies House register