XPO, a startup that raised about $1 million to assist creators and influencers get their invoices rapidly paid, has gone into administration.
The London-headquartered firm appointed an administrator, Alan Clark, final month, Firms Home data present.
Based in 2018, XPO was certainly one of a number of fintech startups trying to faucet into the multi-billion greenback creator and influencer market.
It raised $1 million in seed funding from Blue Wire Capital, in line with CrunchBase.
Nevertheless, the corporate’s co-founder Lotanna Ezeike tells Finextra that it went into administration after operating out of funding and was unable to lift one other spherical.
The agency’s first product was designed to assist customers receives a commission inside 24 hours, eradicating the burden of getting to chase invoices.
To finance funds, XPO fashioned a partnership with embedded enterprise finance lender Sonovate.
Nevertheless it had grander plans for the creation of a monetary ecosystem that will supply a number of banking providers, together with credit score.
Ezeike – a former Barclays digital lead – left his function as chief product officer in July, in line with LinkedIn. He has moved on to a brand new enterprise, serving to worldwide college students within the UK get vacationer visas to go to European international locations.
Blue Wire and Sonovate have but to answer requests for remark.