A North Wales start-up price comparison site has called in administrators.
Fintech firm Monva, based in Wrexham, is the brainchild of chief executive Steve Wiley and chief operating officer Stuart Wakefield, who previously held senior executive positions at MoneySuperMarket, MBNA and Virgin Money.
It provides a comparison service that seeks to use customer data and artificial intelligence to personalise the price comparison customer experience.
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The company had raised hundreds of thousands of pounds in crowdfunding as well as securing investment from the Development Bank of Wales. This January it was accepted into the FinTech Wales Foundry, the flagship accelerator program by FinTech Wales.
But administrators Quantuma Advisory were appointed this month according to statements on Companies House and The Gazette.
The company's website is still online and a statement has been posted there.
It says: "On 03 March 2022, with the consent of the FCA, Gary Bell and Jeremy Woodside of Quantuma Advisory Ltd were appointed as Joint Administrators of Monva Limited. The affairs, business and property of the Company are managed by the Joint Administrators, who act as agents of the Company and contract without personal liability."
A spokesperson for the Development Bank of Wales said: “The Development Bank made early-stage equity investments into the company in 2019 and 2020. The amount of finance provided is commercially confidential.
“Quantuma Advisory have been appointed as administrators and will distribute any proceeds according to creditor priority.”
Quantuma and Monva have been asked to comment.
