Key Data

• Trading Name: Noda
• Legal Entity: Naudapay Limited
  
• Activities: open banking services
• Location: United Kingdom
• Regulations: regulated by the FCA as a payment service provider
• Key People: Irina Konstantinova, Anastasija Tenca, Lasna Kuhtarska (UBO)
  
• News: Noda
• Latest update: 31 July, 2024

Background Information

Naudapay Limited d/b/a Noda is an FCA-regulated Payment Institution offering open banking services from personal financial management to online payments for e-commerce. Noda is backed by Social Discovery Ventures (SDVentures), an international holding company and investment fund for technology companies offering social discovery platforms.

Noda is fully available to users in the UK and EU and is regulated by the FCA as a payment services. It allegedly currently partners with more than 1,600 banks across 27 countries, spanning over 30,000 bank branches.

Offering

They are providing the full range of services:

• End-users KYC
• Payments processing
• LTV forecasting, and UX optimization, using innovative Open Banking technologies, therefore it is mostly beneficial for the industries which are regulated and obliged to implement strict onboarding, monitoring, and financial procedures.
• Regulated industries are also considered as a Higher Risk – cryptocurrencies, online gaming, travel, finance.

They are working both directly with merchants and renting the technologies to other financial institutions as a white label.

Customer Feedback

On July 30, 2024, Noda held a 4.5-star rating with an “Excellent” trust level from 68 reviews.

Ownership

The company Naudapay Limited is controlled by the Latvian citizen Lasma Kuhtarska (UBO). Noda originated by Lasma in 2019 within SDVentures start-up incubator, and later during the 2021Q4-2023Q1 it was allocated into separate legal structure and fully bought out by Lasma.

Regulation

NaudaPay has held the FCA license as a payment institution since October 2019.

Customer Reviews

Trustpilot: 4,5 Stars with 60+ Reviews

Compliance Issues

Noda.live, has recently come under scrutiny for its potential involvement in facilitating transactions for unlicensed online casinos. Regulated by the Financial Conduct Authority (FCA), Noda.live offers open banking services designed to provide secure and efficient payment processing across various sectors, including online gaming. However, investigations have unveiled troubling connections suggesting that Noda.live may be inadvertently or knowingly supporting illegal gambling activities through the domain https://bankstransfer.com.

Rating Conclusion

While PayRat42 rates Naudapay Limited, operating as Noda.live, as Red in terms of compliance risk due to potential links with unlicensed online casinos, the merchant view is rated Orange. This distinction is due to the company’s positive customer reviews, which reflect a strong customer experience and satisfaction. Despite the compliance concerns, the favorable feedback from users provides a counterbalance, indicating good service quality from a merchant perspective.