Key Data

• Trading Name: Revsto
• Legal Entities: Sureswipe E.M.I. PLC’
• Activities: E-Money Institution
  
• Location: Cyprus
  
• Regulations: Bank of Cyprus EMI authorisation
  
• Key People: Helen Varnava (CEO), Koumis Poyiadijs (COO), Loizos Ioannides (CCO), Maria Kouridou (Head of Accounts
• Latest news: Revsto
• Latest update: July 8, 2024

Sureswipe E.M.I. PLC’s is doing business as Revsto in the first place. Furthermore, the E-Money Institution authorized by the Central Bank of Cyprus has a more advanced business model, which includes licensing and utilizing brands such as OKTO, CASHlib, and ByPin. This reflects a strategic approach to expanding its market presence and service offerings in the high-risk payment sector.

• OKTO: Licensing the OKTO brand allows Sureswipe to leverage an established and recognizable brand in the high-risk payment sector. The OKTO offering includes an e-voucher and wallet scheme addressing primarily the online casino and gambling segment. Oktopay Deutschland GmbH, a German entity, is acting as an EMD agent for Sureswipe.
• CASHlib and ByPin: these are e-voucher solutions primarily used in the online casino and gambling sector. By licensing these high-risk payment brands from Berry Solutions Ltd in Malta, Sureswipe can diversify its product offerings and cater to high-risk payment sector.

Even though the company is based in Cyprus, it is in essence a Greek payment transaction project founded by Greeks.

Financial Situation

Sureswipe does not provide any information about its financing or financial position on its website. As a private company, it is not obliged to do so. We were unable to determine whether the company is sufficiently financed to fund its extensive activities and the associated risks in the long term.

Regulatory Compliance and Authorization:

Sureswipe E.M.I. PLC operates under the authorization of the Central Bank of Cyprus, complying with the Electronic Money Law of 2012. The business model of Sureswipe E.M.I., which is not easy to understand, consists of working with E-Money Distributors (EMD) and in some cases also licensing the brands and domains from them. Through these EMDs, Sureswipe addresses high-risk sectors such as online casinos and gambling via their respective brands. Put simply, the licensors, some of whom are also registered as EMDs, work under the Sureswipe license umbrella.

Sureswipe does not provide any information about its financing or financial position on its website. As a private company, it is not obliged to do so. We were unable to determine whether the company is sufficiently financed to fund its extensive activities and the associated risks in the long term.

Client Reviews

As Revsto, Sureswipe has no ratings and reviews on Trustpilot or other review platforms. The Revsto website (Revsto.com) also has hardly any visitors. In this respect, we cannot make any statements about customer satisfaction, which leads to an orange flag.

Rating Conclusion

From a compliance perspective, Sureswipe E.M.I. PLC’s business model of licensing and utilizing multiple brands is complex and opaque, which raises an Orange Flag. Via its licensed brands and EMDs the company is heavily engaged in the high-risk sector without providing this information on its website. This is another Orange Flag. We were not able to find reliable information about Revsto’s financing and financial situation, resulting in another Orange Flag. We are therefore placing Revsto on our Orange Compliance List and Orange Risk List for the time being.