Online property investment platform BrickVest has entered administration.
The London-based firm has appointed ReSolve as administrator, which said it was currently “seeking to establish interest in the purchase of the business and assets”.
It added: “While it’s four fintech products are revenue-generating, and approaching break-even, BrickVest as a group requires further investment.”
Mark Supperstone, managing partner of ReSolve, said: “While we are disappointed to see such a leading fintech player in this situation, we are determined to secure a sale of the business and its assets and deliver the best possible outcome for the creditors. We would encourage any interested parties to contact us as soon as possible”.
Founded in 2014 by Emmanuel Lumineau and Thomas Schneider, BrickVest serves the liquidity and investment needs of 1,000 real estate sponsors, 20 banks and 6,000 clients in Europe and the US, from deal listing to investment execution.
With offices in London, Nice and Berlin, BrickVest employs more than 20 people.
To date the firm has raised around £12m of capital in various funding rounds from 50 angels, three VCs and two banks.
The firm was given the go-ahead in July to open a post-Brexit hub to serve European clients after the UK leaves the European Union. It gained approval from the Autorité des Marchés Financiers, the French regulator, to run its investment management business from new European headquarters in Nice.
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