Paytech cybersecurity firm Payfont goes bust
Payfont is no more
Payfont, an Edinburgh-based paytech company, has gone bust. Business advisory firm Johnston Carmichael has been appointed as administrator.
Payfont was founded in 2003 and employed 12 people, all of whom will be made redundant. The firm’s cybersecurity software “has attracted significant international interest”, the administrator says.
Despite offering “a range of world-leading software products to enable secure payment processing” and “developing technology designed to provide unprecedented levels of digital security for an individual’s digital identities and online data”, Payfont ran out of money.
“The difficult decision to enter administration was made by the directors when it became clear that ongoing commitments could not be met from available working capital,” says Donald McNaught, restructuring partner at Johnston Carmichael.
“Efforts had been made in the months leading up to administration to raise sufficient capital to allow trading to continue but unfortunately time ran out for that fundraising exercise to be completed successfully.”
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