Key Data

• Trading Name: MiFinity
  
• Legal Entity: MiFinity UK Limited, Mifinity Malta Limited
  
• Activities: E-Money Institution
  
• Location: UK, Malta
  
• Regulations: FCA in UK, MFSA in Malta
  
• Key People: Paul Kavanagh, John Nolan
• News: MiFinity
• Latest update: Aug 14, 2024

MiFinity is an e-money institution (EMI) regulated by the FCA in the UK and the MFSA in Malta that operates as a payment processor. MiFinity is primarily focused on the gambling industry and other high-risk sectors.

MyFinity Offering

MiFinity offers a range of end-to-end payment solutions, including the MiFinity eWallet. MiFinity has become a true “omni-channel” payment provider for the global online payments market.

Their service includes:

1. Global Money Transfers
2. Cryptocurrency Storage
3. Multi-Currency Support
4. Virtual IBAN
5. e-vouchers (MiFinity is the issuer of MiFinity e-vouchers which can be purchased online from various retailers.)

Deposits to the MiFinity account can be made with FIAT by credit/debit card or debit card as well as by bank transfer, e-voucher and crypto. We have found Volt and MyBank as partners for bank transfers and CryptoPay for crypto deposits.

The fees for crypto deposits and withdrawals are 1.8%, fees for credit/debit card deposits and bank deposits may go up to more than 7%. The Mifinity fee table is here.

Pre-KYC deposits are possible via crypto up to €10,000. For bank transfers via Volt and MyBank, pre-KYC is possible up to €2,500 and €5,000 respectively.

Involved Industries

• The payment processor primarily targets high-risk industries like online casinos and gambling.

Compliance Check

• MiFinity is authorized by the Financial Conduct Authority under the Electronic Money Regulations 2011 [Register Ref. 900090] for the issuing of electronic money.
• MiFinity Malta Limited, trading as MiFinity, is authorized by the Malta Financial Services Authority (“MFSA”) as a Financial Institution under the Financial Institutions Act 1994

MiFinity has attracted particular attention in recent months as a payment processor for online casinos and gambling platforms. MiFinity can also be found as a payment facilitator for unauthorized or illegal online casinos. This is a red flag.

Involved Individuals

• Paul Kavanagh (Linkedin)
• John Nolan (Linkedin)

MiFinity is managed and controlled by two Irishmen, Paul Kavanagh and Kieren Nolan, as CEO and CFO, respectively.

Customer review

Trustpilot: 2.5 Stars with a corresponding “Poor” trust level (Aug 14, 2024).

Customer complaints indicate issues with payouts and other potential scam activities, while some positive reviews seem questionable, often from first-time reviewers.

Conclusion

MiFinitey is a regulated financial services provider. However, the financial intelligence platform FinTelegram exposed that MiFinity is involved as a payment processor in illegal gambling activities. Additionally, there is a lot of negative customer feedback. Thus, we included them in our Orange Compliance list. We include MiFinity in our Orange Risk list based on the poor customer rating.