Papaya Ltd.
Key Data
- Trading Name: Papaya Ltd.
- Legal Entity: Papaya Ltd.
- Activities: EMI
- Location: Malta
- Regulations: Licensed by the Malta Financial Services Authority as an EMI
- Key People:Dmitrijs Panurskis
- Latest news: Papaya
- Latest update: September , 2024
Papaya Ltd. is a fintech company licensed by the Malta Financial Services Authority (MFSA) as an Electronic Money Institution (EMI).
Papaya is known for its flagship product, Blackcatcard, which offers advanced mobile banking, multiple cards linked to one account, cashback programs, and online account opening in just five minutes.
Offering
It offers a wide range of financial services tailored to businesses, including:
- Banking Services
- Co-Branded Payment Cards
- White-Label Mobile and Online Banking
- IBAN Services
- KYC Services
Regulation
Papaya Ltd is Licensed by the Malta Financial Services Authority as an Electronic Money Institution (EMI) Registration number C55146.
Key People
- Dmitrijs Panurskis (Chairman Of The Board)
- Ilya Kligman (alleged Owner)
Compliance Issuess
Papaya is under investigation over allegations that its true ownership was concealed from regulators. While it is officially owned by Latvian national Dmitrijs Panurskis, authorities suspect that a Russian national, linked to a criminal Eurasian money-laundering network, is the real owner. The investigation seeks to determine whether this Russian individual intentionally hid his ownership of the Malta Financial Services Authority (MFSA)-licensed institution.
Papaya has denied any wrongdoing, claiming it is the victim of a “disinformation attack” aimed at misleading clients and partners. The investigation forms part of a broader international operation that involved multiple countries, including Latvia, Germany, and Italy. As part of this operation, business documents, mobile phones, and other electronic devices were seized from Papaya’s offices and other locations.
The case highlights Malta’s ongoing struggle with issues of beneficial ownership transparency, particularly after the country was greylisted by the Financial Action Task Force (FATF) in 2021. Papaya’s leadership asserts its commitment to transparency and cooperation with authorities, while the investigation continues.
Customer Review
Google: 2,2 Stars with 30+ Reviews
Conclusion and Rating
Based on ongoing investigations concerning potential hidden ownership by a Russian national and allegations of money laundering links, we rate Papaya’s compliance status as Orange. These investigations raise significant concerns about transparency and regulatory adherence. Although Papaya has denied any wrongdoing, the fact that authorities are involved in such a high-profile investigation suggests the need for caution.
Additionally, due to poor customer reviews citing dissatisfaction with services and issues with transparency, we also assign an Orange rating for customer experience. The combination of regulatory scrutiny and customer feedback indicates that both potential users and current clients should remain vigilant and carefully consider these factors before engaging with the service.
