FinTech Monevium has entered special administration.
The London firm was authorised by the Financial Conduct Authority to provide payment services.
It allowed anyone over the age of 18 living in the European Economic Area to open an IBAN account – regardless of citizenship or financial history – in minutes, without lengthy credit checks.
This enabled customers to send and receive SEPA payments. Accounts were free to open and maintain.
Monevium said that unlike traditional banks, it would not re-invest customer funds and also protect and safeguard them by keeping all customer money separate to its own company finances.
Launched in 2016 and led by Alexey Stepanov, a former Thomson Reuters financial markets specialist and CEO of FXOpen UK, the firm had restrictions placed on its activities by regulator the FCA in February 2024.
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On 18th June 2026, Adam Henry Stephens and Christopher Allen of S&W Partners LLP were appointed as special administrators of Monevium Ltd.
The special administrators are responsible for managing customer claims against the firm and returning funds to customers where possible.
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