A fintech run by two east London gospel church preachers is to enter liquidation after racking up losses.
Crosspay, which provided cross-border payment solutions for individuals and companies, has been instructed to be wound up by a court order, with Simons Muirhead Burton LLP appointed as liquidator.
The court order followed a petition by creditor GCC Exchange UK, a global money transfer and foreign exchange business.
Crosspay’s most recent accounts, filed in December, show the company had accumulated losses of £2.2m and employed 25 staff.
A notice on Crosspay’s website states that it has stopped onboarding new customers and accepting new transactions from customers for cross border payments.
The firm raised £187k in a crowdfunding round via Crowdcube in 2020 at an implied valuation of £10m.
Crosspay has been contacted for comment.
The company was founded in 2015 by husband and wife Rakesh and Preethy Kurian. The duo also founded Capstone Church, a Christian gospel church in Ilford in 2009, which they continue to operate.
According to his website, Rakesh Kurian “gave his life to Jesus” after a car accident in 1996.
“This accident was the turning point in my life, when it led me attend a Catholic charismatic retreat where I had a supernatural encounter with the Lord,” Kurian wrote.
“From then on, I have had supernatural encounters and experiences as I have sought the Lord. I left India to start a new job in Dubai in a financial services company and began to see the hand of the Lord in all that I did. The Lord started promoting me multiple times all the way from an Assistant Manager to the CEO of the company.”
Rakesh moved to London in 2005 and from 2009-15 was a director of iFast, a London-based digital bank which had assets of £288m and 115 employees, according to its most recent accounts.