In June 2023, the Bank of Lithuania revoked the license of the collapsed e-money institution Payrnet and initiated bankruptcy procedures. Now other regulators are also warning about the collapsed payment processor. Today, for example, the Austrian FMA, which explained that the license was revoked for serious violations related to money laundering prevention and terrorist financing, was identified. You should get your money before it’s too late.
Background: In March 2023, the Railsr Group was restructured and recapitalized. Apparently, the problems surrounding the Lithuanian PayrNet prompted this restructuring. A consortium led by D Squared Capital took over Railsr Group. Moneta VC and Ventura Capital were also part of this consortium. The details of this restructuring cannot be traced. As a new Railsr holding company over the PayrNet entities in the UK and Lithuania, Embedded Finance Ltd was established, led by Dan Adler as a director. Together with Matthew Grossman, he controls the new Railsr Group.
Payrnet, part of the Railsr group of companies, is obliged to return its customers’ deposits. Account holders must apply directly to Payrnet for the return of their deposits in accordance with the Bank of Lithuania as the competent supervisory authority. The company must inform the clients about the settlement procedure within five working days.
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If you have any information about Railsr Group, its partners, and its activities, please share it through our whistleblower system Whistle42.
