The UK-based financial technology application, W1tty, has ceased operations, leaving numerous former employees alleging that their outstanding wages remain unpaid.
In a LinkedIn post, former customer care head Sara Wacławik shared the unfortunate situation regarding a colleague who has yet to receive payment. Other users have echoed similar experiences in the comments beneath her post.
W1tty was established in 2019 by Ammar Kutait, with a focus on providing financial management tools tailored to Generation Z, specifically targeting students and young professionals at the beginning of their careers. The company operated out of offices in London and Lithuania, having acquired both a UK Electronic Money Institution license and a Lithuanian EMI license, which allowed it to extend its operations to Poland.
The startup also assembled an impressive advisory board, chaired by esteemed entrepreneur Lord Chadlington, and included notable figures such as Gene Lockhart, the former CEO of Mastercard International, and Lord Hill of Oareford, who previously served as the EU’s commissioner for financial services.
However, Wacławik reported that in December 2023, the company’s employees were informed that essential business functions would be relocated to Dubai, resulting in job losses for over 100 staff members. Promises made to employees concerning notice periods and salary payments were reportedly not honored.
By September, a public notice indicated that W1tty had officially ceased all operations. Igor Zlatojev, a former research analyst at the company, commented on Wacławik’s post, stating that numerous individuals, potentially dozens or even over a hundred, were left unpaid. Similarly, Salman Mohammad Mujtaba, a former security operations center analyst, asserted that he has not received his dues from November 2023.
Wacławik further indicated that Ammar Kutait, the company’s owner, appears to have removed himself from LinkedIn, sparking concerns that he may be enjoying a lavish lifestyle despite the financial hardship experienced by his former employees.