S&W Partners appointed special administrators of payments firm Monevium following arrest of shareholder

Adam Stephens and Christopher Allen of S&W Partners were appointed joint special administrators of Monevium Ltd, a regulated payment services provider that was no longer able to fund the work required to return money to customers, on 18 June 2026.

Monevium provided payment services including SEPA payments, euro-denominated IBAN accounts and domestic and international fund transfers, including transactions between its account holders.

The company is authorised and regulated by the Financial Conduct Authority as a payment service institution under the Payment Services Regulations 2017.

Monevium agreed to restrict its regulated activities through a voluntary undertaking given to the FCA in February 2024, following the arrest of its shareholder by US authorities.

After a prolonged period of non-trading, the company’s director concluded that Monevium’s operations had to be wound down. The company entered special administration because it could no longer fund the operational steps needed to return customer money.

Stephens said the administrators would focus on returning customer funds and expected to provide regular updates, including proposals and a distribution plan setting out how payments to customers will begin.

The return of customer funds remains subject to FCA consent because the voluntary undertaking restricting the movement of relevant funds remains in place. Distributions will also be subject to compliance with anti-money laundering requirements.

Steven Francis, Eleni Michapla, Wayne Beck and Richard Tall of Faegre Drinker Biddle & Reath represented Monevium in the court application.