Glint Pay Services Ltd., the U.K.-based fintech that allows users to buy and sell gold through a mobile app, has been placed in administration, which is similar to a U.S. bankruptcy filing. 

The U.K. Financial Conduct Authority first announced the move Sept. 20, stating that two members of FRP Advisory, a firm that specializes in corporate restructurings, had been appointed joint administrators of Glint Pay as of Sept. 18, although there was no notification on the Glint Pay site. 

However, a statement from joint administrator Jason Baker, obtained by Mobile Payments Today, said that "following a dispute with the secured creditor, the board were unable to obtain secure sufficient funding in time to repay the outstanding loan."

The company advised the administrators that all customer funds were fully reconciled, secured and protected. An update would be posted on the Glint Pay website on Sept. 26, the statement read.

The company in July announced plans to enter the U.S. market. 

Cover image courtesy of Glint Pay.