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UK’s Silverbird fintech startup enters special administration – FinTech news

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TLDR:

  • UK fintech start-up Silverbird Global Limited has entered special administration.
  • The joint special administrators appointed are Daniel Conway and Geoffrey Rowley of FRP Advisory.

UK fintech Silverbird Global Limited (SGL) has entered special administration with the joint special administrators appointed being Daniel Conway and Geoffrey Rowley of UK business advisory firm FRP Advisory. The Financial Conduct Authority (FCA) confirmed that Silverbird officially entered special administration on 13 March under the Payment and Electronic Money Institutions Insolvency Regulations of 2021. Silverbird, founded in 2020, provides small and medium-sized enterprises (SMEs) with multicurrency business accounts for international trade, enabling businesses to store funds in e-wallets and make cross-border payments. The FCA states that customers will not have access to their funds while the joint special administrators work to secure control of all relevant information, reconcile balances, and ensure proper due diligence and customer information. The joint special administrators will provide a report to creditors within 8 weeks of their appointment and gather information from creditors and customers of SGL about payments made to or owed by the company. Direct customers of SGL are advised to contact the joint special administrators if they believe they are owed money or have any questions. This development highlights the importance of proper oversight and diligence in the fintech industry, especially in safeguarding customer funds and ensuring regulatory compliance.


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