Glint exits Administration; consumers can use gold-backed MasterCard again
(Kitco News) - After two long months, customers are once again able to use their gold-backed debit cards after gold fintech company Glint Pay exited Administration.
The company announced Friday that it secured £5.7 million in funding to exit Administration, which is similar to Chapter 11 bankruptcy law in the U.S. The company’s operation has reverted back to the same management as before the Administration processes, and this has the support of the board and major shareholders, the company said in a press release.
“I would like to thank existing and new shareholders who have backed the Company with a fresh injection of financing,” said Jason Cozens, the founder and CEO of Glint. “I understand the frustration of our customers, and I can only apologize for the inconvenience caused by the disruption, which led to accounts being suspended.”
The administration process has been vexing for many clients who have not been able to access either funds or gold as accounts have been frozen since Sept. 18.
However, the company reiterated that all customers’ funds, are safe and held in segregated bank accounts. Meanwhile all physical gold holdings that are allocated to each client continue to be held in a London Bullion Market Association Accredited Brink’s vault in Switzerland.
The company entered Administration only two months after launching their gold-backed debit Mastercard in the U.S., one year after launching in Europe.
The fintech firm also attracted some major gold investors including Sprott Inc. In June, Glint Pay announced that Sprott became one of its biggest shareholders as it played a prominent role in a $6.35 million in a private placement.