Faegre Drinker Advises Monevium Ltd on Special Administration

Faegre Drinker team in London advised Monevium Ltd, a Financial Conduct Authority-authorised payment services provider, in connection with its entry into special administration under the Payment and Electronic Money Special Administration Regulations 2021. The matter required a cross-disciplinary team drawing on the firm’s financial services, corporate and restructuring practices.

Monevium provided services including SEPA payments, euro-denominated IBAN accounts and cross-border fund transfers, and was authorised under the Payment Services Regulations 2017. 

Following operational challenges, Adam Stephens and Christopher Allen of S&W Partners were appointed as joint special administrators on June 18, 2026. The special administrators will focus on the preparation and approval of a Distribution Plan for the orderly return of customer funds in accordance with FCA requirements, and wind down of operations.

Steven Francis, financial services regulatory partner, commented: “This appointment reflects the complex regulatory landscape facing payment services firms and the importance of ensuring that customer funds are returned safely and in compliance with FCA requirements. We are pleased to support the special administrators in navigating this process.”

The Faegre Drinker team was led by financial services partner Steven Francis, corporate partner Richard Tall, and finance and restructuring partner Wayne Beck, with associates Eleni Michaela and Jeanine Leahy.