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'Withdraw all funds' - UK banking app to shut down in days as it ceases trading

On March 18, fintech app Zero ceased trading after failing to raise additional funding, Money Saving Expert revealed. The closure affects more than 21,500 registered users.
Zero was founded in Cardiff in 2023 but could neither raise more capital nor find a buyer. Marcel Van Oost of Connecting the Dots in FinTech wrote, 'A strong mission doesn't replace fundamentals.'
While cash held in the Planet Safe Saver is fully FSCS protected, funds in Zero Personal accounts are NOT safeguarded by the Financial Services Compensation Scheme. This distinction matters for account holders.
Customers are urged to 'withdraw all funds as soon as possible' before the app closes on March 31, though Zero added it 'can't guarantee this' timeline. Immediate action is advised.
Transact Payments Limited, the company behind Zero's virtual account service, will hold any deposits remaining after closure for six years, after which funds will be 'treated in accordance with applicable laws on dormant or unclaimed funds.

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