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Glint Pay, gold payment start-up, is rescued by investors
By Daniel Thomas
Financial Times, London
Thursday, November 21, 2019
A UK start-up that lets customers buy and use gold for everyday spending has been saved from administration by its management and investors.
Glint Pay, which is backed by Conservative MP Steve Baker and operates in the UK and the US, allows customers to buy, sell, save, and spend gold through a Mastercard-linked debit card and app. It claims it is the first to offer direct and instant access to the spending power of gold but collapsed into administration in September after its board was unable to immediately secure funding to repay an outstanding loan.
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This week the UK financial regulator gave permission for it to start trading again after it raised the L5.7 million it needed to exit the UK administration process. On Thursday the process of unfreezing customer accounts began.
The US business was unaffected by the administration.
Glint said all customers' funds, whether in gold or cash, had been secure throughout the process. The gold is kept in a vault in Switzerland and customer money is either in segregated bank accounts or stored as physical gold.
The company's management, headed by founder and chief executive Jason Cozens, said existing and new shareholders had backed the company with new financing.
He said there had never been any problems with the operations or financial stability of the group, blaming the administration on a claim made by a creditor, which had always been disputed by Glint.
Glint repaid the loan and additional fees at the start of October. ...
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