OpenUp is a high-risk payment processor operated by Openup Consulting Services AsP, a company registered in Denmark and owned by Chestnut Investments Lda in Portugal. The only director of Openup is Svetlana Ivanova. On LinkedIn, we found 12 people connected to the OpenUp across different jurisdictions. We published a whistleblower request a few weeks ago, and a former employee confirmed that OpenUp is related to the Indian-British iPayTotal Group and its co-founder Ruchi Rathor. He offered additional intel for money.
Key Data
| Trading style | OpenUp |
| Business activity | High-risk payment processor Company formation Investments |
| Domain | https://openup.finance |
| Social media | |
| Legal entities | Openup Consulting Services AsP Chestnut Investments Lda (parent) |
| Jurisdiction | Denmark, Portugal |
| Related individuals | Svetlana Ivanova Miguel Bruno Nóbrega Gouveia Samuel O Ruchi Rathor (iPayTotal co-founder) |
| Contact data | +44 888 718 66151 +44 (800) 776-5193 |
| PayCom42 profile | OpenUp on PayRate42 |
| Authorization | No |
Short Narrative
We know that iPayTotal works with fake LinkedIn and social media accounts, so we must be careful accordingly. We haven’t been able to identify the only OpenUp Direkotrin Svetlana Ivanova on LinkedIn. We cannot confirm the authenticity of the other profiles associated with OpenUp.
Nigerian payment expert Samuel O (LinkedIn) was responsible for Kryptova, a company we could assign to iPayTotal, until March 2022. After we published our whistleblower request, Samuel deleted his LinkedIn account.
OpenUp bills itself as “the future of financial services.” According to a presentation and its website, the payment processor offers
- Merchant accounts with dedicated IBAN, SWIFT access, and card processing services.
- Company formation services, including bank accounts.
- Investment services and funding for innovative startups in the payment sector with financing from $5,000 to $15 million.
The phone numbers provided on the website suggest that the main activities are carried out in the United Kingdom.
On Trustpilot, OpenUp holds a 4.8-star rating based on 50 reviews with a corresponding “Excellent” trust level. Some of the reviews are fishy, though. First-time reviewers write most 5-star reviews. For example, a guy called Hector Gross wrote a 5-star review for OpenUp. Previously, however, this Hector also wrote 5-star reviews for the Buffets Finance and Claim Justice scams (screenshot left). Therefore, we assume that the Trustpilot rating is fake.
However, cyberfinance rating agency PayRate 42 has downgraded OpenUp on its “Red Compliance” list.
Share Information
Please let us know if you have any information about OpenUp, its operators, and partners. In particular, we would be interested to know if OpenUp is affiliated with iPayTotal Group.
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