--- title: "Rational Foreign Exchange Limited · Authorised Payment Institution (FCA) · United Kingdom | Elucidate" description: "Rational Foreign Exchange Limited is authorised by FCA as an authorised payment institution in the United Kingdom. Licence 507958. LEI 213800MQJDJKBAZ3WM53. Register status, licences, activities and ownership." url: https://elucidate.co/directory/rational-foreign-exchange-limited-ffda1f8a754e --- 1. [Directory](https://elucidate.co/directory) 2. [United Kingdom](https://elucidate.co/directory/country/gb) 3. Rational Foreign Exchange Limited United Kingdom · Payments & e-money # Rational Foreign Exchange Limited Trading as RationalFX Rational Foreign Exchange Limited (RationalFX) is a private limited company registered in London. The FCA authorises it as a payment institution under the Payment Services Regulations 2017, firm reference number 507958. It offered foreign exchange and international payment services to corporate and retail clients. Rajesh Agrawal and Paresh Davdra founded it in 2005. It entered special administration on 29 November 2023 with Interpath as joint special administrators, and it no longer trades. Register status Licensed in the United Kingdom Authorised Payment Institution · FCA Prudential licence [2 licences and registrations ↓](https://elucidate.co/directory/rational-foreign-exchange-limited-ffda1f8a754e#licences) BIC **No BIC** LEI **[213800MQJDJKBAZ3WM53](https://search.gleif.org/#/record/213800MQJDJKBAZ3WM53)** [Licence no. **507958**](https://elucidate.co/directory/rational-foreign-exchange-limited-ffda1f8a754e#licences) [In liquidation or dissolved](https://elucidate.co/directory/rational-foreign-exchange-limited-ffda1f8a754e#overview) ## Licences and registrations Held by Rational Foreign Exchange Limited (LEI 213800MQJDJKBAZ3WM53). 2 entries on 2 of the 22 tracked registers, retrieved 25 September 2026. | Register | Licence | Number | Jurisdiction | Status | Registered | Ends | Activities | Register entry | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | [FCA Financial Services Register - Payment Institutions & RAISPs](https://elucidate.co/directory/register/fca-psd) FCA | Authorised Payment InstitutionPayment Institution | 507958 | [United Kingdom](https://elucidate.co/directory/country/gb) | Active | 2018-05-25 | — | - Payment services | [Search the register ↗](https://register.fca.org.uk/s/) | | [Money Services Business Registry](https://elucidate.co/directory/register/fintrac-msb) FINTRAC | MSB (foreign indicator not selected)Money Transmitter / Remittance | M13837177 | [Canada](https://elucidate.co/directory/country/ca) | Expired | 2013-04-24 | Ended 2020-04-06 | - Money remittance | [Search the register ↗](https://fintrac-canafe.canada.ca/msb-esm/msb-eng) | Trading names on the register: RationalFX (FCA-PSD, FINTRAC-MSB) - Each licence applies in the country of the regulator that granted it. - Registers are tracked in 37 countries. Licences granted elsewhere are not recorded here. ## Swift network Swift’s ISO 9362 BIC directory Holds no BIC in Swift’s directory. Its LEI is not mapped to a BIC in the Swift and GLEIF BIC-to-LEI relationship file. ## Overview Researched 29 Sep 2026 · [Sources](https://elucidate.co/directory/rational-foreign-exchange-limited-ffda1f8a754e#overview-sources) Customers Not published Employees Not published Ownership Privately held Firm type FX and business payments Trades as RationalFX - **Standing · In liquidation or dissolved:** The firm has been in special administration since 29 November 2023. Its directors had concluded that it was insolvent. It is no longer trading. Interpath's joint special administrators are returning safeguarded funds to customers under a distribution plan that the High Court approved on 28 July 2025. The FCA states that the firm remains FCA-authorised during the special administration. - **Ownership:** Press reports describe the firm as controlled by its founders Rajesh Agrawal and Paresh Davdra. The current register of persons with significant control was not checked. - **Head office:** c/o Interpath Ltd, 10 Fleet Place, EC4M 7RB London, United Kingdom - **Company register:** Companies House 05385999 - **Incorporated:** 8 Mar 2005 - **Founders:** Rajesh Agrawal · Paresh Davdra ### Online - **Websites & references:** [rationalfx.com ↗](https://www.rationalfx.com/) former domain; the joint special administrators say it falsely claims RationalFX was acquired by Markets Chain Limited [ia-insolv.com ↗](https://www.ia-insolv.com/case+INTERPATH+RNB30B2912.html) special administration case page run by Interpath - **Official social accounts:** None found Sources · 11 pages consulted 1. [fca.org.uk/news/news-stories/rational-foreign-exchange-limited-enters-special-administration](https://www.fca.org.uk/news/news-stories/rational-foreign-exchange-limited-enters-special-administration) 2. [find-and-update.company-information.service.gov.uk/company/05385999](https://find-and-update.company-information.service.gov.uk/company/05385999) 3. [find-and-update.company-information.service.gov.uk/company/05385999/officers](https://find-and-update.company-information.service.gov.uk/company/05385999/officers) 4. [ia-insolv.com/case+INTERPATH+RNB30B2912.html](https://www.ia-insolv.com/case+INTERPATH+RNB30B2912.html) 5. [interpath.com/media-hub/articles/special-administrators-appointed-to-rational-foreign-exchange-limited/](https://interpath.com/media-hub/articles/special-administrators-appointed-to-rational-foreign-exchange-limited/) 6. [thegazette.co.uk/notice/4541669](https://www.thegazette.co.uk/notice/4541669) 7. [radcliffechambers.com/re-rational-foreign-exchange-limited-2025-ewhc-1958-ch/](https://radcliffechambers.com/re-rational-foreign-exchange-limited-2025-ewhc-1958-ch/) 8. [fca.org.uk/news/warnings/worldwisefx-clone-fca-authorised-firm](https://www.fca.org.uk/news/warnings/worldwisefx-clone-fca-authorised-firm) 9. [cityam.com/exclusive-london-forex-firm-founded-by-ex-deputy-mayor-rajesh-agrawal-shutters-customer-a](https://www.cityam.com/exclusive-london-forex-firm-founded-by-ex-deputy-mayor-rajesh-agrawal-shutters-customer-accounts/) 10. [financemagnates.com/cryptocurrency/regulation/uk-fca-warns-on-clone-firm-crypto-trade-365/](https://www.financemagnates.com/cryptocurrency/regulation/uk-fca-warns-on-clone-firm-crypto-trade-365/) 11. [forbesindia.com/article/work-in-progress/rajesh-agrawals-company-makes-money-transfer-inexpensive/34329/1](https://www.forbesindia.com/article/work-in-progress/rajesh-agrawals-company-makes-money-transfer-inexpensive/34329/1) ## Authorisation Researched 29 Sep 2026 · [Sources](https://elucidate.co/directory/rational-foreign-exchange-limited-ffda1f8a754e#overview-sources) - **Operates under:** Its own licences The FCA authorises the firm as a payment institution under the Payment Services Regulations 2017. Since 29 November 2023 an FCA own-initiative requirement has restricted what it may do. | Authority | Licence or registration | Number | Held | Status | Source | | --- | --- | --- | --- | --- | --- | | Financial Conduct Authority United Kingdom | Authorised Payment Institution | 507958 | In its own name | Active | [register.fca.org.uk ↗](https://register.fca.org.uk/s/firm?id=001b000000MgDUnAAN) | | Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) Canada | Money Services Business registration (money transmitter/remittance) | M13837177 | In its own name | Withdrawn or expired | — | Licences and registrations the research found, at home and abroad, as the firm and its regulators publish them. The Licences and registrations card shows the entries on the registers the directory tracks. ## Partners and safeguarding Researched 29 Sep 2026 · [Sources](https://elucidate.co/directory/rational-foreign-exchange-limited-ffda1f8a754e#overview-sources) - **Safeguarding:** Segregated safeguarding accountsAccording to the FCA, the firm had to hold customer money separately under the Payment Services Regulations 2017. The special administrators found a shortfall in the safeguarded funds. [fca.org.uk ↗](https://www.fca.org.uk/news/news-stories/rational-foreign-exchange-limited-enters-special-administration) Banks and regulated firms the firm says hold its customers’ money, issue its cards, sponsor its accounts or settle its payments, as it discloses them in its terms and notices. ## Products and markets Researched 29 Sep 2026 · [Sources](https://elucidate.co/directory/rational-foreign-exchange-limited-ffda1f8a754e#overview-sources) Until November 2023 the firm provided foreign exchange and international payment services to corporate and retail clients. It no longer offers any services. The firm served customers from the UK, including some customers based in Europe. It stopped trading in November 2023. - **Serves customers in:** United Kingdom ## Leadership Researched 29 Sep 2026 · [Sources](https://elucidate.co/directory/rational-foreign-exchange-limited-ffda1f8a754e#overview-sources) - **Executive:** Kristina Kicks Joint Special Administrator (Interpath Ltd) Confirmed 29 Sep 2026 · [ia-insolv.com ↗](https://www.ia-insolv.com/case+INTERPATH+RNB30B2912.html) - **Founder:** Paresh Davdra Director Confirmed 29 Sep 2026 · [find-and-update.company-information.service.gov.uk ↗](https://find-and-update.company-information.service.gov.uk/company/05385999/officers) - **Executive:** Jigar Bipinchandra Shah Director Confirmed 29 Sep 2026 · [find-and-update.company-information.service.gov.uk ↗](https://find-and-update.company-information.service.gov.uk/company/05385999/officers) - **Executive:** Amir Karmacharya Company Secretary Confirmed 29 Sep 2026 · [find-and-update.company-information.service.gov.uk ↗](https://find-and-update.company-information.service.gov.uk/company/05385999/officers) ## Recent events 1 enforcement or investigation item Researched 29 Sep 2026 · [Sources](https://elucidate.co/directory/rational-foreign-exchange-limited-ffda1f8a754e#overview-sources) 1. May 2026 Leadership Ed Boyle resigned as joint special administrator with effect from 31 May 2026. Kristina Kicks remains in office. [ia-insolv.com ↗](https://www.ia-insolv.com/case+INTERPATH+RNB30B2912.html) 2. Jul 2025 Other The High Court approved the special administrators' plan to return safeguarded funds to customers (\[2025\] EWHC 1958 (Ch)). [radcliffechambers.com ↗](https://radcliffechambers.com/re-rational-foreign-exchange-limited-2025-ewhc-1958-ch/) 3. Dec 2023 Other Interpath's Kristina Kicks and Ed Boyle were appointed joint administrators of Rational Group Limited on 1 December 2023. [interpath.com ↗](https://interpath.com/media-hub/articles/special-administrators-appointed-to-rational-foreign-exchange-limited/) 4. Nov 2023 Enforcement The FCA imposed an own-initiative requirement on the firm on 29 November 2023, restricting the activities it can undertake. [fca.org.uk ↗](https://www.fca.org.uk/news/news-stories/rational-foreign-exchange-limited-enters-special-administration) 5. Nov 2023 Other The firm entered special administration on 29 November 2023 after its directors concluded that it was insolvent. Its agent Xendpay Limited entered administration at the same time. [fca.org.uk ↗](https://www.fca.org.uk/news/news-stories/rational-foreign-exchange-limited-enters-special-administration) Compliance-relevant events of the last three years, newest first: fines and enforcement, investigations, security incidents, licence changes, funding rounds, acquisitions and leadership changes. Each links to its source. ## Regulator warnings Researched 29 Sep 2026 · [Sources](https://elucidate.co/directory/rational-foreign-exchange-limited-ffda1f8a754e#overview-sources) 1. Undated Impersonation Financial Conduct Authority, United Kingdom In 2022 the FCA warned that Crypto-Trade 365 was a clone firm using the firm's details. [financemagnates.com ↗](https://www.financemagnates.com/cryptocurrency/regulation/uk-fca-warns-on-clone-firm-crypto-trade-365/) 2. Undated Impersonation Financial Conduct Authority, United Kingdom The FCA warned that WorldWiseFX was a clone firm using the details of authorised firms, including this firm. [fca.org.uk ↗](https://www.fca.org.uk/news/warnings/worldwisefx-clone-fca-authorised-firm) Entries on regulators’ consumer-warning lists that name the firm or its brand. An impersonation warning is about fraudsters posing as the firm, not about the firm itself. ## Identifiers - **Licence no. · FCA-PSD:** 507958 - **Licence no. · FINTRAC-MSB:** M13837177 - **BIC:** Holds no BIC in Swift’s directory - **LEI:** [213800MQJDJKBAZ3WM53 ↗](https://search.gleif.org/#/record/213800MQJDJKBAZ3WM53) - **How the LEI was matched:** Matched by Elucidate on the UK company number the register gives - **Companies House no.:** [05385999 ↗](https://find-and-update.company-information.service.gov.uk/company/05385999) - **Elucidate firm ID:** ffda1f8a754e - **Merged register entry:** 574c4a67f817 · FINTRAC-MSB ## Profile - **Type:** Payments & e-money · Money service business - **Regulation:** Prudential licence - **Main licence class:** Payment Institution - **Activities:** - Payment services - **Licensed in:** [United Kingdom](https://elucidate.co/directory/country/gb) · Europe & Central Asia - **First registered:** 2018-05-25 Types come from Swift’s BIC classification, the licences on the 22 tracked registers, and the ECB and FSB bank lists. Most banks outside the euro area appear as financial institutions, because their supervisors’ registers are not tracked yet. ## Ownership and group GLEIF relationship records GLEIF’s relationship records name no parent for this LEI, and no group page is published for it. ## Persons with significant control Companies House · company [05385999 ↗](https://find-and-update.company-information.service.gov.uk/company/05385999) · as at 9 October 2026 Companies House lists 2 persons with significant control for Rational Foreign Exchange Limited: 2 individuals. Status at Companies House: In Administration. | Name | Type | Nature of control | Notified | | --- | --- | --- | --- | | Paresh Kishor Davdra | Individual | 25–50% of votes | 4 October 2016 | | Rajesh Agrawal | Individual | 50–75% of shares · 50–75% of votes | 1 March 2017 | Companies report persons with significant control to Companies House. Elucidate has not verified them. A person with significant control holds more than 25% of the shares or votes, can appoint or remove the board, or has significant influence or control. Dates of birth and addresses are not shown. Matched on the Companies House number that the FCA register gives for this firm. [See the register at Companies House ↗](https://find-and-update.company-information.service.gov.uk/company/05385999/persons-with-significant-control) ## Addresses - **Address on the register:** Interpath Ltd, 10 Fleet Place, London, EC4M 7QS - **Country:** United Kingdom ## ISO 20022 identification As an agent in a Swift cross-border payment message (CBPR+) This institution holds no BIC. A CBPR+ message identifies it by name and postal address, and may add its LEI or a clearing code. - **Identified by:** Name and postal address, with its LEI - **Postal address:** Hybrid: town, postcode and country in their own elements, the rest in one address line ```xml 213800MQJDJKBAZ3WM53 Rational Foreign Exchange Limited EC4M 7QS London GB Interpath Ltd, 10 Fleet Place ``` CBPR+ identifies the instructing and instructed agents by BIC only. An institution without a BIC can be the debtor, creditor or an intermediary agent. The values are as published by the register. Check them against your own records before use. ## Related institutions ### Other payments & e-money institutions in the United Kingdom - [Stonex Financial LTD BIC IGLUGB2L Payments & e-money Money service business Prudential licence United Kingdom · Licensed by FCA · 446717 (FCA-PSD) · also on FINTRAC-MSB · LEI 549300AWF3TOHRYL7754](https://elucidate.co/directory/stonex-financial-ltd-iglugb2l) - [Dex International Limited · trading as DEXREMIT No BIC Payments & e-money Crypto Money service business Prudential licence United Kingdom · Licensed by FCA · 503929 (FCA-PSD) · also on HMRC-MLR, FINTRAC-MSB · LEI 9845003995D06S994R04](https://elucidate.co/directory/dex-international-limited-ff2b0c01c725) - [Euronet Payment Services Ltd · trading as Ria Money Transfer, Ria No BIC Payments & e-money Money service business Prudential licence United Kingdom · Licensed by FCA · 504630 (FCA-PSD) · also on HMRC-MLR · No LEI mapped](https://elucidate.co/directory/euronet-payment-services-ltd-6f4dec33a392) - [Instinet Europe Limited BIC ISNTGB2L Payments & e-money Prudential licence United Kingdom · Licensed by FCA · 140822 (FCA-PSD) · LEI 213800MXAKR2LA1VBM44](https://elucidate.co/directory/instinet-europe-limited-isntgb2l) - [Isx Financial UK LTD BIC ISFIGB22 Payments & e-money Prudential licence United Kingdom · Licensed by FCA · 901034 (FCA-EMI) · LEI 2138007BDV9IRS8AYD07](https://elucidate.co/directory/isx-financial-uk-ltd-isfigb22) - [Western Union Payment Services GB Limited · trading as Manning House, WU No BIC Payments & e-money Money service business Prudential licence United Kingdom · Licensed by FCA · 816890 (FCA-PSD) · also on HMRC-MLR · No LEI mapped](https://elucidate.co/directory/western-union-payment-services-gb-limited-0741de977896) - [A to Z 4U Ltd · trading as SAAK REMIT, Saakpay No BIC Payments & e-money Money service business Prudential licence United Kingdom · Licensed by FCA · 570837 (FCA-PSD) · also on HMRC-MLR · No LEI mapped](https://elucidate.co/directory/a-to-z-4u-ltd-25c2ca0fa3b5) - [Allied Wallet Limited No BIC Payments & e-money Prudential licence United Kingdom · Licensed by FCA · 900124 (FCA-EMI) · also on FCA-PSD · LEI 213800HO66BDXP716G24](https://elucidate.co/directory/allied-wallet-limited-8983cc2e32eb) [See all →](https://elucidate.co/directory/search?type=payments&cc=GB) [Other entries on FCA-PSD →](https://elucidate.co/directory/register/fca-psd) Sources & method Register entries come from the public registers of financial regulators, standardised into one taxonomy. LEIs are matched through GLEIF, and a BIC is linked only through a shared LEI. An institution missing from these registers is not necessarily unregulated. Register entries are not matched against the OFAC or EU sanctions lists. Where the legal entity also holds a BIC, the matches for that BIC are on its page. Always screen against the official lists. An institution is one entry in the directory: a BIC8 in Swift’s directory, or a firm on a tracked register that holds no BIC. Licences held by an institution with a BIC are shown on its page. [Read the methodology →](https://elucidate.co/directory/methodology) Registers for this page - **FCA Financial Services Register - Payment Institutions & RAISPs**—Financial Conduct Authority (FCA) · [source ↗](https://register.fca.org.uk/s/) as at 25 September 2026 - **Money Services Business Registry**—Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) · [source ↗](https://fintrac-canafe.canada.ca/msb-esm/msb-eng) as at 25 September 2026 - **Persons with significant control**—Companies House · [source ↗](https://download.companieshouse.gov.uk/en_pscdata.html) as at 9 October 2026 - **Overview, authorisation, partners, products, leadership and events**—researched per institution by an AI model with web search, from the firm's own website, terms and filings, regulators' registers and notices, company registers and news. Licences, partners, figures, people and events link to their source, and each card shows the research date. AI research can be wrong or out of date, so check key facts at the source. ## Assess the financial crime risk behind a licence A licence records what an institution is authorised to do; it does not assess it. The [Elucidate FinCrime Index (EFI)](https://elucidate.co/ratings) is an independent score of the financial crime risk of banks and payment institutions. [Book a demo](https://elucidate.co/demo-request) Licence and registration data are drawn from the public registers of the regulators named on each page and shown for information only; the official register is always the authority. LEIs and ownership are from GLEIF. Directory and gpi data are drawn from SWIFT's public sources. SWIFT, Swift gpi and UETR are trademarks of S.W.I.F.T. SC, Avenue Adèle 1, 1310 La Hulpe, Belgium. Elucidate is not affiliated with, endorsed by or sponsored by SWIFT or any regulator named here. Elucidate does not provide payment or other financial services.