In September, London-based gold payment app has fallen into administration. In October, the Singapore-based Fergusson single family office “Nimoi Holdings” launched a hostile takeover bid for the struggling startup.Gold payment app Glint in crisis modeGlint wants to enable its customers to “spend gold digitally for the very first time”. Customers can hold a multi-currency account with Glint Pay in order to make payments with a linked Mastercard. The startup was founded in 2015 by Ben Davies and Jason Cozens and raised £15.2M so far. Just a few months after the previous £5m funding round by asset manager Sprott and the US launch Glint now announced that it is in administration. It is unclear if customer deposits are safe: the UK Financial Conduct Authority (FCA) announced that the deposits are not covered by the so-called Financial Services Compensation Scheme (FSCS).Hostile takeover bid of Fergusson Single Family OfficeAccording to an exclusive note to , (the Singapore single family office of Alexander and David Fergusson) launched a hostile takeover for Glint Pay. Nimoi is an active long-term investor that also owns shares in various companies like Woodside Holdings Investment Management or Agricola Holdings. Nimoi already tried to buy Glint before, but Glint’s management rejected the offer. In July, the Fergusson single family office acquired a loan granted to Glint by Brahma Finance. David Fergusson told AltFi that acquiring the loan didn’t come with a downside: Nimoi would have been paid if the company succeeded, otherwise Nimoi would be able to manage the company on its own. In an update published on AltFi on the 8th of October, a spokesperson of Glint’s Administrators told that the information provided by Nimoi is incorrect and that Glint has fully repaid the outstanding debt to the company. The administrators are – according to the spokesperson – working on a solvent rescue with existing shareholders.SourcesYou might like these articlesRelevant family office lists €4,99 including VAT Rated 5.00 out of 5 €699,99 including VAT Rated 4.67 out of 5 €1.499,99 including VAT
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