Paxum

Offshore bank and FINTRAC-registered MSB

Key Data

  • Trading Names: Paxum, Paxum Bank
  • Legal Entities: Paxum Bank Limited, Paxum Inc., Gestion Paxum Inc.
  • Activities: payment processor
  • Locations: Commonwealth of Dominica
  • Regulations: FINTRAC-registered Money Service Business in Canada, offshore bank license issued by FSU of Dominica
  • Key People: Andrei-Octav Moise, Angel Pacheco

Paxum and Paxum Bank are run by the same people who run FCA-regulated PayDek. The Romanian citizen and Canadian resident Andrei-Octav Moise is the CEO.

The Offering

Paxum Bank Limited is authorized and regulated by the Financial Services Unit, Commonwealth of Dominica. Paxum Bank Limited is the exclusive provider of all Paxum branded services, accounts, prepaid cards, and products.

Paxum and Paxum Bank offer businesses and individuals bank accounts and payment services.

The accounts are free for businesses and individuals. Likewise, incoming WIRES and SEPA transfers via IBAN are free of charge. Paxum charges approximately $45 per year for a prepaid card account for individuals.

For all other payment services, PayDek has published a comprehensive price list on its website.

Conclusion

On Trustpilot, Paxum receives a 4.3-star rating from nearly 14,500 reviewers with a corresponding Excellent Trust Level. That is impressive.

The Paxum scheme operates with various licenses. There is some criticism from merchants and individuals, but that is common. However, Paxum Bank has been involved in several strange financial transactions that have attracted the authorities’ interest (The Guardian, Reporter.London). Therefore, we put Paxum and Paxum Bank on our Orange Compliance List.

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Jurisdiction

Canada, Commonwealth of Dominica

Legal Entities

Paxum Bank Limited
Paxum Inc.
Gestium Paxum Inc.

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