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Transactive Systems holds a UK electronic payments license and became a powerhouse specializing in higher risk customers. But regulators in Lithuania have now suspended many of its operations there.
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In the space of just five years, a little-known company on the outskirts of London has grown into a payments-industry powerhouse, processing more than 1 billion euros ($1 billion) in transactions every month.
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Backed by licenses from regulators in the UK and Lithuania, Transactive Systems Ltd. touted itself as “one of the fastest-growing fintech companies in Europe,” with an ability to service clients from “compliance-intense industries” including cryptocurrencies, gambling and foreign-exchange trading, according to documents obtained by Bloomberg.
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The marketing pitch didn’t dwell on the firm’s back story.
Multiple high-level employees who helped set up and run Transactive came from PacNet Services Ltd., a company that had to close down after being sanctioned by the United States for being the “payment processor of choice” for scam artists.
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Several are being targeted by authorities, including one facing federal fraud charges who remained a senior Transactive employee until just weeks ago. In June, a founding investor was sentenced to two years in jail for his part in an unrelated $1 billion healthcare fraud.