Monneo Ltd (10086951): administration
- Status
- In administration
- Administration began
- 2023-05-30
- Administrators
- Paul David Allen, David Paul Hudson, Daniel Conway
- Administrators' firm
- FRP Advisory
- Formerly
- E-Pay International Ltd
- Incorporated
- 2016-03-29
- Location
- London
- Industry
- 64999 Financial intermediation not elsewhere classified
Why it went into administration
- Regulatory change or action
- Cash flow / liquidity pressure
- Management failings / irregularities
From the administrators' statement
The Company is an API which was incorporated on 29 March 2016 as E-Pay International Limited but changed its name to Monneo Ltd on 10 February 2021. It traded under the names “Monneo” and “Izzio”.
The Company started as a specialist money transfer business to meet a need from its customers in the e-commerce space for more efficient means of remitting and disbursing funds received from multiple sources. It was initially registered with the Authority as a SPI on 3 January 2017. However, the business model evolved when full authorisation was first granted by the Authority in 2018 and in 2019 the Company was granted a VOP to add the regulated activity of executing payment transactions to its activities.
The Company provided payment solutions to corporate customers in the e-commerce sector through a dedicated ‘banking’ platform and related services comprising:
Administrators' statement of proposals (2023-08-02) · Companies House register