Ffrees Family Finance Limited (07516554): administration
- Status
- Administration ended
- Administration began
- 2019-03-29
- Administrators' firm
- Leonard Curtis
- Formerly
- The Frees Network Limited
- Incorporated
- 2011-02-03
- Location
- London
- Industry
- 63120 Web portals
Why it went into administration
- Funding withdrawn / unable to refinance
- Supply chain disruption
- Cash flow / liquidity pressure
- Regulatory change or action
From the administrators' statement
The Company provided a digital current account service known as the ‘U Account’ aimed at people within the UK with impaired credit status and had 23,000 active customers depositing approximately £12million per month, The Company provided a pre-paid debit card to customers, which are issued by Wirecard Card Solutions Limited (WCS’), a Financial Conduct Authority (‘FCA’) regulated entity that stewarded customer funds and under whose licence the Company operated the U Account, and working with key technology providers the Company was able to offer customers traditional current account services, such as faster payments, direct debits and ATM withdrawals, providing a fully featured smartphone-based altemative to traditional bank accounts. The Company received revenue from account usage and operating fees and additional revenue through cash back opportunities.
Joint Administrators’ Report aid Proposals
3,2
Administrators' statement of proposals (2019-04-23) · Companies House register