Deposit and withdrawal methods: MuchBetter service interruption (Page 42)

kleo7777 wrote on 03/31/2023 at 11:00 AM:

And now it's back

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ErikS wrote on 03/31/2023 at 9:31pm: Hi,

stupid? Question: is MuchBetter in the Deposit protection fund?

I meant that I had read that at the time. But I could be wrong.

Probably not because otherwise the support would write but?
In any case, I can understand the information policy all who think that the money is gone.

That one also sogut like garnix erfahren not even on other sites I find very awesome. MB is / was not so small that you can not find anywhere an assessment of financial professionals

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kleo7777 wrote on 03/31/2023 at 10:49 pm:

My words too little info that's why all turn the wheel they are afraid for their money

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frapi07 wrote on 03/31/2023 at 23:21:
That's where MB support is acting right. Are they supposed to comfort you with false information /statements? Then you would be calling them liars. If they hardly give out any information, it's because the current state of information wouldn't get you anywhere. What good does it do you to know that they lost their EU license? Can you get your money with this information? If it does work out, MB will let you know that you can make withdrawals. If it turns out badly, you will eventually find out and do little about it either way.

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Mikkesen wrote on 04/01/2023 at 08:39: PayrNet UAB holds a license in Lithuania to operate payment services in the EU/EEA for MuchBetter. It is part of the UK-based Railsr (formerly Railsbank) group. In 2020, Railsr bought the assets of Wirecard, which collapsed in one of Europe's biggest accounting scandals. As a result, PayrNet UAB is under investigation.

MuchBetter's parent company is on the brink of bankruptcy
U.K.-based FinTech company Railsr is now trying to be sold or wound up via bankruptcy proceedings, Bloomberg reports, citing sources. Railsr, the parent company of PayrNet, has been struggling with regulatory and financial issues.

According to the sources, Railsr's regulated UK subsidiary has been in the Financial Conduct Authority's sights for some time, even before the bubble burst.

Railsr has already tried to sell the company to Nigeria's Flutterwawe, but according to SkyNews, negotiations have not resulted in an agreement. The hope is to sell the company under what is known as a pre-pack administration. This is an insolvency process that allows an insolvent company to sell its assets to a buyer before an administrator is appointed. This is a great way to sell your business on to a buyer or third party. With each day that passes without a possible sale being resolved, the announcement of a tender is inexorably approaching/bankruptcy.

Downsizing in Lithuania
At the same time, Lithuanian newspaper 15min.lt reports that PayrNet UAB's offices in the country are being downsized. Sources state that only 10 employees are now working in the department. This is in awesome contrast to the fact that the foreign payment service still draws the highest salaries in Lithuania. In January 2023, the average salary in the various subdivisions of Railsbank Technology was a whopping €7,000. Including PayrNet.

Railsr in London sparse with information
Kongebonus was in direct contact with Railsr spokesperson Emma Thompson in London. We asked for an official statement and also for guarantees that all MuchBetters could not lose their money. So far, we have received no response other than a general press release:

"We will ensure that we find a safe haven for the business that will allow Railsr to continue - fully operational and recapitalized. We have made significant and positive progress and continue to have discussions with interested parties as part of our M&A process." -Emma Thompson - Railsr

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NuggetKing wrote on 01.04.2023 at 13:16:

That means now exactly what I understand that net really!

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Mikkesen wrote on 04/01/2023 at 08:39: PayrNet UAB holds a license in Lithuania to operate payment services in the EU/EEA for MuchBetter. It is part of the UK-based Railsr (formerly Railsbank) group. In 2020, Railsr bought the assets of Wirecard, which collapsed in one of Europe's biggest accounting scandals. As a result, PayrNet UAB is under investigation.

MuchBetter's parent company is on the brink of bankruptcy
U.K.-based FinTech company Railsr is now trying to be sold or wound up via bankruptcy proceedings, Bloomberg reports, citing sources. Railsr, the parent company of PayrNet, has been struggling with regulatory and financial issues.

According to the sources, Railsr's regulated UK subsidiary has been in the Financial Conduct Authority's sights for some time, even before the bubble burst.

Railsr has already tried to sell the company to Nigeria's Flutterwawe, but according to SkyNews, negotiations have not resulted in an agreement. The hope is to sell the company under what is known as a pre-pack administration. This is an insolvency process that allows an insolvent company to sell its assets to a buyer before an administrator is appointed. This is a great way to sell your business on to a buyer or third party. With each day that passes without a possible sale being resolved, the announcement of a tender is inexorably approaching/bankruptcy.

Downsizing in Lithuania
At the same time, Lithuanian newspaper 15min.lt reports that PayrNet UAB's offices in the country are being downsized. Sources state that only 10 employees are now working in the department. This is in awesome contrast to the fact that the foreign payment service still draws the highest salaries in Lithuania. In January 2023, the average salary in the various subdivisions of Railsbank Technology was a whopping €7,000. Including PayrNet.

Railsr in London sparse with information
Kongebonus was in direct contact with Railsr spokesperson Emma Thompson in London. We asked for an official statement and also for guarantees that all MuchBetters could not lose their money. So far, we have received no response other than a general press release:

"We will ensure that we find a safe haven for the business that will allow Railsr to continue - fully operational and recapitalized. We have made significant and positive progress and continue to have discussions with interested parties as part of our M&A process." -Emma Thompson - Railsr

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ErikS wrote on 01.04.2023 at 13:39:

Very good info.thanks.

Still no answer to the question if Deposit Protection Fund applies to the customers (us) or not.
And if so, is insolvency covered there?
I think that is the question that is most important for us

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Antiheld1335 wrote on 01.04.2023 at 14:30:Yes, every EU country had to set up a Deposit guarantee fund, so up to 100.000€ of sight and savings deposits are covered.

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Falko wrote on 01.04.2023 at 15:06:

But the Deposit Insurance only applies to 100 000 euros of all the money Mutchbetter keeps at the Lithuanian bank. That's just a drop in the bucket given the amount of money all customers have left with Mutchbetter at the moment. What surprises me is that despite this, Mutchbetter's employees are still working, so at least there must be cash for wages.

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T0uchTheSky wrote on 01.04.2023 at 15:24:
I think it's like in Germany. Every customer who is with a bank that has BaFin license, his money is secured up to 100 000 euros, so not 100 000 euros for everyone.


Whether it is the same in Lithuania, no idea. MuchBetter is restricted only in EEA, in GB and elsewhere MuchBetter continues as usual.

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