Quidpay Finance Limited v Settlego Solutions Limited (T/A OpenPayd)

Facts

QuidPay Finance Limited, a payments business, held e-money accounts with Settlego Solutions Limited trading as OpenPayd. OpenPayd suspended QuidPay's account and the flow of funds through the linked vIBANs, and required the maintenance of a float or reserve account. QuidPay issued a claim form on 29 April 2026 seeking declaratory relief, a mandatory injunction lifting the suspension, release of the funds held in the e-money accounts, specific performance and damages, together with an application on the same date for expedition and interim relief requiring the suspension to be removed and the funds paid out. Its draft Particulars of Claim alleged a Braganza obligation governing OpenPayd's rights of suspension and of requiring a reserve, and that the fiat currency underlying the e-money belonged beneficially to QuidPay's customers; correspondence described OpenPayd's conduct as "unlawful, untenable and tantamount to deceit", coupled with threats to report OpenPayd to the FCA and to publicise its conduct. On 15 May 2026 QuidPay abandoned the beneficial ownership arguments. At the hearing on 20 May 2026, Richard Spearman KC directed the trial of three preliminary issues, two of which fell away, and reserved the costs of the injunction application. On 30 July 2026 the deputy judge handed down the Main Judgment on the surviving preliminary issue in QuidPay's favour. This judgment determines the consequential matters.