MuchBetter is the trading style of the RTEKK Group (previously MIR Group), founded by Israel Rosenthal in or around 2017. The company has been acquired by the Bahrein-based Investcorp Technology Partners in Sept 2021. The payment processor is doing business via several regulated entities in the UK and Lithuania. MuchBetter is a high-risk payment processor specializing in the gaming and forex industry.
|Legal entities||RTEKK Limited UK Ltd (prev. MIR Limited UK Ltd), UAB RKTEKK Lithuania (prev. UAB MIR Lithuania) (together “RTEKK Group”) MIR Canada Financial Ltd|
|Related individuals||Israel Rosenthal, Christian Mark Sperring, Georg Knoflach|
|Partner||PayrNet UAB d/b/a PayrNet owned by,
Railsbank Technology Ltd.
|Regulators||FCA, Bank of Lithuania, Romanian National Office for Gambling|
MIR Group holds various licenses in different jurisdictions:
- The UK FCA regulates RTEKK Limited UK Ltd with reference number 900704.
- UAB RTEKK Lithuania is a regulated agent of PayrNet UAB, authorized by the Bank of Lithuania with registration code 305264430.
- The company also holds a gambling license with the number Nr:2427/26.11.2020 issued by the Romanian National Office for Gambling (NOG).
The MuchBetter solution
Boiler room operators have been using FCA-regulated MuchBetter to make payments to their agents and affiliates via their e-wallets.
The MuchBetter website describes the e-wallet as a means to easily deposit or withdraw money to or from gaming operators. The money is held on e-wallets and not on customers’ bank accounts. One can use the funds on the e-wallets using a MuchBetter MasterCard debit card issued by MuchBetter partner PayrNet (PC42 profile). The e-wallet owners can manage their funds via a smartphone app.
Funds can be sent to other e-wallet owners or spent using a debit card. Funds are transferred in a Peer-2-Peer (P2P) approach between the e-wallet owners without moving money into bank accounts.
MuchBetter has been exposed as a payment processor for scams and boiler room operators. Moreover, the payment processor recently has been connected to Russian money flows amid the Western sanctions against the Russian financial sector. Thus, we included it in our “Orange Compliance” list.