UT/2023/000092 - [2024] UKUT 00035 (TCC)

Nvayo was acquired by the PMA Media Group Inc. via AU Card Ltd. on 31 July 2017. It recommenced business in 2018 (having been previously dormant) following a transfer of a customer book to it from Paysafe Group (which had previously provided outsourced services to AU Card Ltd). Nvayo was authorised as an E-money institution on 8 May 2018. Mr Scanlon was employed as CEO of Nvayo from 21 November 2022 until May 2023.

Mr Jacklin explained how Nvayo does not solicit customers directly. All customers must first be members of one of Nvayo’s UK based affiliated companies who provide membership and concierge services (for instance travel booking). Mr Jacklin’s oral evidence set out that out of the total 30,000 accounts, 13,400 were active with balances distributed as follows: 13,400 have a balance of more than zero, 4,700 less than £10, 5000 between £10 and £100, 2,700 between £100 and £1000, 500 between £1000 and £5000 with the remaining 500 having balances of over £5000.