FinTelegram just published its latest European FinTech report covering the Latvian FinTech Hub around the FCA-regulated e-Money Institution PaysTree (PC42 profile). This ecosphere consists of two FCA-regulated e-money institutions, several regulated agents, and connections to Russia.
|Business activity||e-Money Institution and Merchant Service Provider|
|Legal entity||Paystree Ltd (UK)|
|Authorization||FCA-regulated e-Money Institution with reference no 900900|
|Related entities||payinter ltd d/b/a payinter (agent for PaysTree), Everyfin Ltd d/b/a everyfin (agent for PaysTree), Hawex Group Ltd d/b/a Hawex (agent for PaysTree), Paypugs Limited d/b/a PayPugs (agent for PaysTree), Sebes Technology Ltd, Cyprus, d/b/a SEBES Technology, Tiaplata Fintech Ltd, Canada, d/b/a TIAPLATA, Xpate Ltd d/b/a xpate regulated by FCA as EMI|
|Related individuals||Mihails Safro, Latvia (LinkedIn), Anna Zotova, Latvia (LinkedIn), Stanislavs Caikovskis, Latvia, Evija Meimane, Latvia, Guntars Reidzans, Latvia, Oksana Zelepene, Latvia, Kirill Baldakov, Russia, German(s) Juferova, Latvia, Roman(s) Jakovenko, Latvia, Stanislav(s) Jakovenko, Latvia, Eugene Malahov, Latvia, Aleksandrs Zelinskis, Latvia, Mohammad Awada, UK, Michael Charles Borrelli, UK, Anselm Schmucki, Swiss, Alisa Saltykova, UK|
PaysTree Ltd was founded in December 2018 by Latvian Mihails “Mike” Safro (pictured left), who was initially registered at UK Companies House as both a director and controlling person. He managed to make the company an FCA-regulated e-money institution regulated. In Summer 2019, Safro resigned from PaysTree to establish Xpate Ltd, another FCA-regulated EMI (PC42 profile).
Currently, Swiss citizen Anselm Schmucki is the controlling person of PayTrees. The directors are the Latvians Stanislavs Caikovskis, Evija Meimane, and Guntars Reidzans.
In 2020, the company had 21 employees, most apparently in Latvia, as the LinkedIn connections suggest.
PaysTree‘s FCA-registered agents are also all controlled by Latvians: payinter (PC42 profile), everyfin (PC42 profile), Hawex (PC42 profile), or PayPugs (PC42 profile). The acting individuals of everyfin also founded and run the SEBES Technology (PC42 profile) payment venture in Cyprus and TIAPLATA (PC42 profile) registered Money Business Service in Canada.
Hawex Group Ltd was founded in July 2021 by Russian Kirill Badakov, who was also registered as the company’s beneficial owner. With the beginning of the Russian invasion of Ukraine, Badakov has withdrawn, and London-based musician Alisa Saltykova is now officially the beneficial owner.