FCA-Regulated Payment Processor PayDo Shows Explosive Growth In Russia!

Similarweb statistics for high-risk payment processor PayDo
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We recently published our initial review of the high-risk payment processor PayOp and revealed that it is essentially a Ukrainian scheme operated through legal entities in Canada and Singapore. The @InsiderCyprus informed us on Twitter that PayOp is linked to the FCA-regulated e-money institution PayDo, controlled by the Ukrainian Sherii Zakharov. PayDo is apparently heavily engaged in Russia, where many of its website visitors come from. Here is our initial review of PayDo.

Key Data

Trading namePayDo
Business activitiesFCA-regulated e-Money Institution
Merchant service provider
Social mediaLinkedIn, Twitter, Facebook
Legal entityEcommerce Technologies Ltd
JurisdictionsUnited Kingdom, Ukraine
AuthorizationFCA with reference no 900916
Related individualsSerhii Zakharov (LinkedIn)
Oleg Pikarevskyi (LinkedIn)
Matvii Mikhnevych (LinkedIn)
Ivan Pronchenkov (LinkedIn)
Related brandsPayOp
Payrate42 ratingGreen (PayDo profile on PayRate42)

Short Narrative

Sherii Zakharov, founder and CEO of PayDo, resides in London, according to his LinkedIn profile. The Head of Operations, Oleg Pikarevskyi, the Chief Technology Officer, Matviss Mikhnevych, the Head of Marketing, Ivan Pronchenkov, and many other managers and employees state Ukraine as their country of residence.

In fact, PayDo and PayOp have a strong operational basis in Ukraine. Both companies seem to have an almost identical business focus and specialize in payments for video games, for example. In November 2021, both companies announced a partnership.

According to the information provided to us on Twitter, the servers of PayOp and PayDo would be connected, with PayOp processing transactions through the FCA-regulated entity. This will certainly be true, as PayOp offers the PayDo e-wallet as a payment option for various payment platforms such as Trustly or Neosurf.

In this respect, the information from @InsiderCyprus should be correct.

The Russian Question

According to the latest Similarweb statistics (September 2022), more than 30% of the approximately 164,000 website visitors come from Russia. This is an increase of about 153% compared to the previous month. With an average dwell time of more than 6 minutes, we can assume that most website visitors process payments via PayDo.

Almost 100% of the PayDo website’s referral traffic comes from online casino websites, the Similarweb statistics states.

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