The UK Financial Conduct Authority (FCA) has confirmed that Nvayo Limited entered special administration on February 10, 2025.
Dane O’Hara, Alex Cadwallader and Andrew Poxon, all of Leonard Curtis (UK) Limited, were appointed as administrators.
Nvayo is authorised by the FCA to issue electronic money (e-money) and provide payment services. Nvayo issued e-money in multiple currencies via e-wallets and pre-paid cards (Aurae Lifestyle and ClubSwan), to its customers.
On 8 August 2023, the FCA told Nvayo it could not carry out any e-money services without FCA’s consent. The regulator did this because it had serious concerns about Nvayo and its compliance with anti-money laundering rules.
In February 2024, the Upper Tribunal dismissed Nvayo’s application to suspend the restrictions the FCA placed on it.
The directors of Nvayo applied to court to place it into special administration because they concluded…
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