Crypto Payment Processor Paybis With Impressive Growth!

Latvian Paybis with impressive numbers
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The 2021 annual accounts of UK-registered Paybis Ltd look impressive. They show receivables of more than £5.7 million and cash of £605,017. This compares to current liabilities of around £1.5 million, leaving total net assets and shareholder funds of just under £4.8 million. Business at the crypto payment processor controlled by Latvian Innokenty Isers, which also operates in the U.S., appears to be going well. Here is an initial review.

Key Data

Trading namePaybis
Business activityCrypto payment processor
Buy crypto with credit card
Legal entitiesPaybis LTD
Paybis USA LTD
Zero Hash LLC
JurisdictionUK, U.S., Latvia,
AuthorizationsRegistered MSB with FinCEN
in the US via Zero Hash
PayRate42 ratingOrange Compliance (PR42 profile)
Related individualsInnokenty Isers a/k/a Inokentijs Isers (LinkedIn)
Konstantin Vasilenko (LinkedIn)
Andrei Ialama (LinkedIn)
Andrew Moisejev (LinkedIn)

Short Narrative

A recent LinkedIn post shows the explosive growth of Paybis, founded in 2014. In 2022, with 150,000 customers, 2.5M transactions are expected to have already been processed. That’s 40% more than the 1.5M transactions processed in all of 2021.

Regulatory Environment

The website does not disclose in detail in which regulatory regimes Paybis has registered or regulated. Although operating via a UK entity, Paybis is apparently not registered with the FCA as a crypto firm.

Paybis is a registered partner of UAB “Finansinės paslaugos „Contis,“ part of the Solaris Group, which holds the electronic money institution license issued by the Bank of Lithuania

Paybis Similarweb Statistics Sept 2022

Paybis is registered with U.S. FinCEN as a Money Service Business (MBS). However, in its Terms, the crypto payment processor says that U.S. clients are processed via its partner Zero Hash, a licensed US money transmitter and technology provider for the digital asset ecosystem, to provide services to U.S. clients.

Due to the non-transparent regulatory disclosures, the cyberfinance rating agency has placed PayRate42 on the “Orange Compliance” list.

The latest Similarweb statistics show that more than 700,000 people visited and used the website in Sept 2022. Just under 20% come from the U.S., and around 10% from Ukraine. France and UK are also included in the top 5 website visitors.

Share Information

If you have any information about Paybis, its operators, and its partners, please let us know via our whistleblower system, Whistle42.

CategoriesCrypto Payments

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