A British payments start-up that is now facing bankruptcy took taxpayer money from Rishi Sunak’s Future Fund and used it to buy technology from an investor who helped it raise the cash.
GoodBox raised £9mn in a January 2021 convertible loan deal with the Future Fund scheme, which operated in the first year of the pandemic, according to people familiar with the matter and shareholder communications seen by the Financial Times.
Half of the money came from a Guernsey company called Q Invest Limited, which is controlled by British payments entrepreneur Miles Carroll. The remaining £4.5mn came from the taxpayer.
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