I’m sorry to hear about this unfortunate situation. When a fintech company collapses, it can leave its users in a period of uncertainty about their funds. Here’s what one can do in this situation:
1. Direct Contact: Reach out to the company directly through their official communication channels for information about fund recovery. Check their official website or app for notices about the situation.
2. Financial Institution Connection: If your fintech app was linked to your bank account or credit card, contact that financial institution immediately. They may be able to assist or provide guidance, since they might have a relationship with the fintech company.
3. File a Complaint: You may consider filing a complaint with your local consumer protection agency. In the US, this would be the Federal Trade Commission (FTC). They can’t resolve individual complaints, but they can help you understand your rights.
4. Legal Action: If many people are affected and the sum of money is significant, often a class action lawsuit is initiated. Always consult with a lawyer to understand your options in this situation.
5. Monitoring: Keep an eye on news sources for updates on the situation. Often, fintech companies that close down do so under the supervision of regulators who will aim to protect consumers and potentially manage a reimbursement process.
It’s understandable to feel stressed in this situation, but remember, generally deposits in such platforms should be held in separate accounts from the company’s own accounts, and they should still exist even when the company itself has collapsed
