The Payabl Group, founded by former Wirecard executives Ruediger Trautmann and Dietmar Knoechelmann and his wife Ayelet Fruchtlander Knoechelmann in or around 2010, is the resulting company from the merger of former Wirecard satellites. The high-risk payment processor regulated by the Central Bank of Cyprus, is evidently focused on the adult and gambling sector. FinTelegram exposed how Payabl processes payments for offshore gambling websites from German clients.
Payabl (previously Powercash21) is a regulated Payments Institution and merchant service provider specializing in acquiring, issuing, and mobile Payments with a license granted by the Central Bank of Cyprus with license No: 22.214.171.124/2018. Payabl is a principal member of Visa and MasterCard with the acquisition and issuance of certifications and local payment solutions.
The former Wirecard managers and partners Ruediger Trautmann, Ayelet (Fruchtlander) Knoechelmann, Frank Schoonbaert, and the Israeli Nissim Zarfati founded the PowerCash21 Group around 2010 with several legal entities in different jurisdictions. Sometime over the last couple of months, the PowerCash21 Group reincarnated into Payabl and recently led a CHF3 million seed finance round for Swiss FinTech Klarpay.
The crypto scene is on alert after the collapse of the third-largest crypto exchange FTX. Allegedly, more than a million people have lost their money. A crisis of confidence has broken out. There is also a crisis in the FinTech segment, where some companies could soon run out of money. Thus, together with PayRate42, we have a list of some PayTechs that are interesting and safe for now!
According to the latest FinTelegram report, Wirecard was a local German payment processor until 2007. The international take-off started with the acquisition of Trustpay International AG and the two payment veterans Ruediger Trautmann (2005) and Dietmar Knoechelmann (2006). Wirecard acquired companies from them in complicated and secretive transactions, creating a huge international high-risk payment volume. Here is the story of Wirecard's internationalization.
Swiss fintech Klarpay is focused exclusively on e-commerce, digital merchants, and social media influencers. It offers cross-border payment acceptance and remittance solutions, including access to multi-currency IBAN accounts, global payment acceptance, and digital disbursement services. Founded in 2019 by the BDSwiss co-founder Mihkel Vitsur, Klarpay was one of the first Swiss fintech's obtaining a banking license under the news Small Banks Regime.
FinTelegram launched a new series about the search for the vanished Wirecard millions. The only big question at Wirecard was and is where around €1.9 billion remained. The Wirecard collapse in 2020 triggered one of the biggest financial scandals in Germany. While founder and CEO Markus Braun is still in pre-trial custody, his Chief Operating Officer Jan Marsalek is on the run. The real question at Wirecard, however, is how the organization was structured at the time and whether the money was really ever at Wirecard in the first place. FinTelegram tries to connect some dots!