Gold payment app Glint has fallen into administration months after raising £5m

I’m sorry to hear this, for the team and customers, who must be pretty nervous right now as their deposits aren’t covered by FSCS protection. But to be honest I’m not surprised, I could never see how their service would appeal to anyone beyond the niche market of ‘goldbugs’.

I’m not sure if they should still be accepting deposits (according to the story they are)?

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Glint was one of those start ups that made no sense. It seemed to rely on people believing the Romans had the best system and that going back to that would solve all our problems. It was a solution searching for a problem which was never there

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Was this the one that advertised heavily with “blockchain” in their headlines? If so, doesn’t surprise me - they were just slamming all hype words together to “justify” their proposition. Alarm bells went off all over the place.

I don’t think Glint used the blockchain. It was mainly underground vaults that was their selling point

Are you thinking of Abra (not the Pokemon)?
Tbh it could be any of a dozen random start ups

Can’t remember - saw it on the tube or in City AM some months ago, may have been a different one indeed.

A couple of updates..

Tens of thousands of customers? More than 10 would be a surprise

People appear to have been able to spend their remaining balances over the weekend

Read it from somewhere they had about 6 digit number of users.

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I wonder if this might be part of that debate about what constitutes a user, was that just app downloads or people who regularly used it.

They cancelled the crowdfunding after it had taken place last year and changed the people at the top, which should have rang alarm bells

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So withdrawals have now been frozen but I’m guessing quite a few customers had time to withdraw their money yesterday.

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Here’s the latest update on Glint. It’s probably less of an issue for their customers but this isn’t a great example of customers getting their money back quickly from a prepaid card provider. Hopefully no one paid their whole salary into the account.

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:thinking:

They clearly saw some value to even offer them the loan in the first place. I guess it’s a cheap way for them to acquire their debt and potentially grow or sell it off.

A faster resolution is better for the customers, less unknowns then, but a sad time for Glint in general. I wonder what the employees are going through, do they only have key personnel left or is the full team still in the office each day? :worried:

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