XPO, a startup that secured approximately $1 million aimed at aiding creators and influencers in expediting invoice payments, has entered administration.
The London-based company appointed administrator Alan Clark last month, as indicated by Companies House records. Founded in 2018, XPO was among several fintech startups attempting to capitalize on the multi-billion-dollar creator and influencer market. It raised seed funding from Blue Wire Capital, according to CrunchBase.
However, co-founder Lotanna Ezeike revealed that the company went into administration after exhausting its funding and being unable to secure additional investment. XPO’s inaugural product was designed to ensure users received payments within 24 hours, alleviating the need to follow up on invoices. To support these payments, XPO partnered with Sonovate, an embedded business finance lender.
Despite this initial focus, the company had ambitions to develop a comprehensive financial ecosystem offering various banking services, including credit. Ezeike, who previously served as chief product officer and was a former digital lead at Barclays, left his position in July and has since embarked on a new venture to assist international students in the UK with obtaining tourist visas to travel to European countries.
Blue Wire and Sonovate have not yet provided comments on the situation.