Tag: Moneta VC

In a special report published by Rachel Wolcott of Thomson Reuters Regulatory Intelligence, significant concerns have been raised regarding Payrnet Ltd, an FCA-regulated e-money institution (EMI) and a subsidiary of the embedded finance platform Railsr. The report highlights serious client money safeguarding and compliance failures tied to the bankrupt Lithuanian EMI, UAB Payrnet, then part of the bankrupt Railsbank Technology group.

Railsr Group, with its regulated PayrNet entities, has a massive problem. Last week, the Bank of Lithuania revoked its e-Money Institution (EMI) license. The regulator also announced that it would file for insolvency and file a complaint with law enforcement agencies for possible criminal violations. According to its website, the PayrNet entity regulated by the FCA in the UK was also banned from acquiring new distributors or agents.