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). Structure the article with an engaging lead paragraph that answers the 5 Ws and 1 H (Who, What, Where, When, Why, and How), followed by informative subheadings (use

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, [Key points], Conclusion: [Closing paragraph], Keywords: [List], Hashtags: [List]. Rewrite the following content accordingly:

London-based fintech Guavapay says it has temporarily suspended its UK services under an agreement with the Financial Conduct Authority following “significant challenges” with fraudulent activity.

Editorial

This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community.

In a statement on its website, Guavapay says it is “unable to accept funds into it’s MyGuava App and MyGuava business platform with immediate effect until further notice”.

The firm says customer funds are “safe and protected” and users can view their accounts and withdraw, transfer and spend their money.

In a follow-up statement explaining the agreement reached with the FCA, Guavapay says: “During the early launch phase of its e-wallet in 2024, Guavapay Limited (UK) faced significant challenges with fraudulent activity, with a high volume of fraudulent funds being received through its accounts.”

It continues: “Separately, the rapid growth of the business led to certain regulatory thresholds being exceeded. While Guavapay has worked to stay within the required limits, the scale and speed of growth meant that thresholds were ultimately surpassed.”

The firm says it “deeply regrets the inconvenience” caused to customers and that it is working with the FCA to “make improvements”. However, it provides no indication of how long the suspension will last.

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